Italy's Scalapay has become the latest BNPL unicorn on the back of a $497 million Series B investment from Tencent and Willoughby Capital, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital.
Scalapay's BNPL offerings include three options for customers - Pay in 3, Pay in 4, or settle up after 14 days.
Founded in 2019, the company has raised over $700M in funding to date. Since its recent Series A round, Scalapay has grown its payment volume three times month over month. The current round comprises $213m of equity and $284m of debt capital.
Active in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria, Scalapay currently works with high-end international merchants and retailers.
The company says it aims to double its number of employees by the end of the year and edd more heft to the executive team and company board. One of the recently added board members is Amit Jhawar, former CEO of Venmo, and former COO and CFO at Braintree.
"I knew Scalapay was a winner when I saw the merchant and consumer experiences that perfectly delivered value to both sides of the two-sided network in Southern Europe," says Jhawar.