Scalapay raises $155m in Series A round to fund BNPL expansion

Buy now, pay later (BNPL) firm Scalapay has raised $155 million in equity funding as part of its ongoing Series A investment round.

From left to right: CFO Raffaele Terrone, CEO Simone Mancini, CTO Johnny Mitresvki, GM Pingki Houang

Tiger Global led the investment, with participation from Baleen Capital and Woodson Capital as well as new investors Fasanara Capital and Ithaca Investments.

Founded in 2019 by Simone Mancini and Johnny Mitrevski, Scalapay operates in nine countries across Europe, including Italy, Germany, France, and Spain.

Like many BNPL firms in the industry, Scalapay allows its users to spread the costs of purchases across a series of instalments without interest.

The firm claims that merchant partners offering its services see a basket size increase of 48% and a conversion rate rise of 11%.

Scalapay’s new funding is headed towards growth in both employee count and operations.

The firm has recently hired former FashionCube CEO Pingki Houang and Just Eat alum Arlene Reynolds to drive expansion across Europe.

“We’ve seen strong demand for luxury fashion over the past year, many younger customers are using Scalapay to treat themselves to a Prada bag or Valentino shoes,” says Scalapay CTO Mtrevski.

“Doing so in a financially responsible way, by paying over time, adds to the pleasure of making the purchase.

“We typically see 30-50% of the transactions from our luxury fashion merchants being done with Scalapay.”

Source: https://www.fintechfutures.com/2021/09/scalapay-raises-155m-in-series-a-round-to-fund-bnpl-expansion/