Marqeta partners with Scalapay to deliver BNPL across Europe
By Gloria Methri
Scalapay, one of Europe’s leading BNPL providers has partnered with Marqeta, the global modern card issuing platform enabling embedded finance solutions. The companies have signed a five-year exclusive contract, where Marqeta will issue virtual cards for online and in-person transactions, creating a more seamless payment experience for both merchants and consumers.
The flexibility of the Marqeta platform further enhances the shopping experience provided by Scalapay. By leveraging Marqeta’s Just-in-Time Funding feature, once a Scalapay consumer is approved for their loan and completes a purchase, a virtual card is instantly created and funded for the exact loan amount.
This card can be immediately used for payments both online and in-store through a digital wallet and via the existing checkout or POS, thereby expanding exponentially the number of partners where customers can finance their purchases.
“We are constantly seeking new ways to leverage modern payment technologies with the aim of creating a seamless experience for our customers. Marqeta’s technical acumen and scalable platform are an ideal partner for us in supporting our partners to create better shopping experiences for their customers,” said Simone Mancini, CEO of Scalapay.
As Italy’s first FinTech unicorn, Scalapay has seen significant momentum since it was founded in 2019 and has raised over $727 million in funding to date. With more than 5,000 stores and 7,000 physical points of sale, the company’s installment products reach more than 5 million users across Europe.
Scalapay merchants have seen a 48% increase in average order value, increased cart conversion, and decreased abandonment rates. In addition, Marqeta will help accelerate merchant onboarding by reducing friction at the point of sale and creating a faster and more seamless experience for their end users.
“We have seen customer demand for flexible payments continue to grow, and we are proud to power Scalapay as they create more seamless shopping experiences for their users and help their merchants increase adoption,” said Todd Pollak, Chief Revenue Officer, Marqeta. “As more companies embrace new checkout options, we are well-positioned to continue our momentum in Europe and work closely with our customers to deliver high-quality, innovative payment offerings.”
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