Italian fintech startup Scalapay valued $1Billion after series B funding
Scalapay has become Italy’s first unicorn with a valuation of more than $1bn after raising $497m in Series B funding. The latest funding round was led by Tencent and Willoughby Capital, with participation from Tiger Global, Rakesh Gangwal, Moore Capital, Deimos and Fasanara Capital. It has raised a total of $700.5M in funding over 4 rounds.
Founded in 2019 by Simone Mancini and Johnny Mitrevski, Scalapay offers a ‘buy now, pay later’ (BNPL) service for e-commerce companies around the world. Goods can be purchased in three easy instalments without any interest. It has tied up with more than 3000 partners. One can select from segments such as Luxury, beauty, mothers&kids, accessories to electronics and more on Scalapay.
The Italian unicorn now plans to double its staff numbers by the end of the year, along with expanding its exec team and board. A recently added board member is former Venmo CEO, Amit Jhawar.
“Scalapay is a brilliant solution that matches an elegant merchant solution with a simple but powerful user experience,” Jhawar said. “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.”
Brands and retailers that use Scalapay’s services include Decathlon, Calzedonia, Swappie, Moschino, Samsonite, Nike and Pandora.