Scalapay, a third-party payments outfit that lets customers buy, now, pay later, has raised $48 million in a seed funding round led by Fasanara Capital.
Baleen Capital and Italian Family Office Ithaca Investments joined the round for Scalapay, which has built a platform that breaks up payments into three instalments with zero interest.
Customers choose Scalapay as a checkout option, set up an account in a couple of minutes, and pay with a Visa, Mastercard, Amex, or bank account. The installments are automatically debited from the customer's payment method on the due dates.
The company assumes all risk of fraud by paying the seller immediately and in full upfront.
Scalapay already has over 1000 merchant clients across France, Italy and Germany. It has also signed a partnership with Raisin Bank to support an EU-wide rollout.
Simone Mancini, COE, Scalapay, says: "This new funding allows us to support our pipeline of merchants across Europe and further our mission by giving merchants exciting tools to make their ecommerce experience magical."