Scalapay, a Milan-based Buy Now Pay Later (BNPL) provider, announced on Tuesday that it has secured $27M in a Series B extension round from Poste Italiane. This funding is a follow up to its $497M Series B round, announced in February 2022. The Italian fintech company has secured a total funding of $727M.
The latest funds will enable Scalapay to accelerate the expansion and development of its team, product development, and brand building. Further, the company is also planning on expanding its executive team and company board.
Offers three installments
Founded in 2019 by Simone Mancini and Johnny Mitrevski, Scalapay is an innovative payment solution for e-commerce merchants globally that allows customers to buy now and pay later. The founding team also comprises Raffaele Terrone, Daniele Tessari and Mirco Mattevi.
Scalapay works similar to its competitors AfterPay, Klarna and others, where firms allow users to buy now and pay later which is usually done in four two-week installments. This has become a new normal as consumers are increasingly availing this service and this has led to banks developing their own versions.
The BNPL offerings include three options for customers – Pay in 3, Pay in 4, and Pay Later. In this case, customers are not required to make any payments upfront and can opt to pay in 3 installments, 4 installments, or entirely after 14 days.
The Italian Unicron currently works with major international merchants and retailers, including Shein, Decathlon, Calzedonia, Morgandetoi (Beaumanoir Group), Swappie, Moschino, Don’t Call Me Jennifer, Samsonite, Nike, and Pandora, among others. They are also the official sponsor for Milan Fashion Week.
Poste Italiane is an Italian service infrastructure network providing postal, financial, insurance, payments, telco, and digital services to households, businesses, and public administrations.