Scalapay raises €40 mn in seed funding to expand its ‘buy now pay later’ solution
By Megha Bhattacharya
Italy-based third party payment solutions provider, Scalapay announced that it has raised €40 million in a seed funding round led by Fasanara Capital that also included Baleen Capital and Italian Family Office Ithaca Investments. Scalapay helps customers to buy now and pay later (BNPL) without interest, thus helping merchants scale their businesses and acquire new customers.
“Our mission is to empower merchants to deliver magical customer experiences,” said Simone Mancini, co-founder and CEO. “When comparing solutions used by merchants to improve customer experience and their bottom line, interest-free installments stand apart for the high return on investment. We immediately have a big impact on revenues and the integration effort is minimal. This new funding allows us to support our pipeline of merchants across Europe and further our mission by giving merchants exciting tools to make their ecommerce experience magical.”
According to Scalapay, its solution helps merchants to experience higher sales volume from existing customers while attracting new ones. The average value of orders when customers pay with Scalapay is 49% greater and the average increase in the number of paying customers is 26% greater.
“I was impressed with the fast growth of the company and the underlying model,” said Francesco Filia, CEO of Fasanara Capital. “They have shown resilience during a difficult period and I’m excited by where the company is headed.”
“Scalapay’s platform delights customers while driving dramatic results for merchants,” said Fang Li, Managing Partner of Baleen Capital. “As a long-time investor in the BNPL industry, I have been beyond impressed by Scalapay’s team, execution, and product vision. I believe the company is on the way to building a valued and leading partner for European retailers.”
Recently, Scalapay signed a partnership with Raisin Bank, a leading pan-European one-stop-shop for online savings and investments, and a trailblazer for open banking. The company already has over 1,000 merchants across France, Italy and Germany.
IBSi Daily News Analysis
September 29, 2023
Banking is becoming byte-sized with rise of Embedded Finance, Temenos study showsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage