Buy now and pay later (BNPL) start-up, Scalapay, today announced that it has raised $155 million in equity funding as part of its Series A investment round – the largest round ever raised in Europe. Led by Tiger Global, which valued Scalapay at $700M, the Series A received participation from Baleen Capital and Woodson Capital. The new investors join existing investors, Fasanara Capital and Ithaca Investments.
Scalapay is a new payments solution firm in Southern Europe that offers customers an interest free BNPL service. Founded in 2019 by Simone Mancini and Johnny Mitrevski, the company currently serves Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands, and Austria - and is partnered with over 3,000 merchants.
“We are giving customers the ability to enjoy the small pleasures in life without needing to compromise; a favourite fragrance, dress or romantic weekend,” said Simone Mancini, co-founder and CEO of Scalapay. “This has become significant over the past year as many of us rethink what’s important. We want to bring the Italian concept of dolce vita and slowing down, to the rest of the world, via our partners.”
The new funds will go toward further growing Scalapay’s team and operations - which has doubled in size, to over 150 since the seed funding announcement in January 2021 - as well as to help the company scale internationally, and launch new products to support merchants across luxury, fashion, and travel.
Scalapay’s payment solution is now one of the most used payment methods in Southern Europe, and the highest-ranking payment solution on Trustpilot when it comes to customer satisfaction. The latest funding round brings the total amount raised by the firm to $203M in the two years since its launch.