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Scalapay acquires Italian payment institution Cabel IP

Scalapay acquires Italian payment institution Cabel IP

BNPL unicorn Scalapay has acquired Italian payment institution Cabel IP to boost growth across Europe.

With more than 5,000 stores and 7,000 physical points of sale on its books Scalapay reaches more than 3.5 million users with its pay-in-three instalments product.

The acqusition of Cabel IP gives the company the ability to offer merchants an integrated payments offer alongside its BNPL product.

"This license means that merchants can now integrate Scalapay via their payment service provider (PSP)," says Simone Mancini, CEO of Scalapay. "We have a long waiting list of merchants who want to integrate our solutions through their PSP. Many of them are looking for an alternative BNPL solution that has a higher level of awareness and offers more value to merchants."

Scalapay has raised over $727 million in funding to date, including a $27 million investment from Poste Italiane in May last year that was an extension of the company's $497 million Series B fundraising round in February.

The firm has since made advances in France, Spain and the UK and last year  formed a partnership with UK-based circular economy fintech Twig to enable customers to resell products they have purchased via the buy now, pay later provider, and get paid upfront by Twig.

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