From left to right: Raffaele Terrone CFO, Simone Mancini CEO, Johnny Mitresvki CTO, Pingki Houang, General Manager
Italian BNPL fintech Scalapay joins the European unicorn club with $497m Series B
The equity and debt round pushes the Italian fintech above the $1bn valuation level making it Italy’s first fintech unicorn.
Scalapay, a ‘buy now, pay later’ provider has raised $497m in Series B investment funding.
The round, which pushes the Italian fintech above the $1bn valuation level making it Italy’s first fintech unicorn, is made of $213m of equity and $284m of debt capital.
Tencent and Willoughby Capital led the round, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital.
Scalapay was founded and launched in 2019 and is active in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria. It concentrates largely on funding customer purchases from luxury fashion retailers.
Read More: Why Scalapay has ‘no plans to become a bank’
Its BNPL offerings include three options for customers (Pay in 3, Pay in 4, and Pay Later) in which customers are not required to make any payments upfront, and can instead opt to pay in 3 installments, 4 installments, or entirely after 14 days.
It was by Simone Mancini and Johnny Mitrevski, who were joined in its early days by Raffaele Terrone, Daniele Tessari and Mirco Mattevi who also make up the founding team.
Tiger Global led its last round, its Series A, at a $700m valuation in September 2021. The company says since then its payment volume has grown three times month over month.
“With interest-free installments, we transformed one of the most frustrating parts of the shopping experience, the payment, into something pleasurable,” says Simone Mancini, Co-Founder, and CEO of Scalapay.