Todd Pollak and Simone Mancini/Marqeta and Scalapay
Marqeta and Scalapay partner to expand BNPL across Europe
Marqeta will issue virtual cards for Scalapay’s five million users to get loan approval and instantly make purchases
US-based card issuing platform Marqeta is pairing up with Southern European fintech Scalapay to drive ‘buy now, pay later’ across Europe.
The two companies have signed a five-year exclusive contract, leveraging Marqeta’s platform to issue virtual cards for both online and in-person transactions, easing the payments process for both merchants and customers.
Introducing the flexibility of Marqeta’s platform to Scalapay’s existing BNPL offering, which currently serves more than five million users, the ‘Just-in-Time Funding’ feature will approve customer loans so they can complete their purchase instantaneously with a virtual card funded for the exact amount.
Italy’s first fintech unicorn, Scalapay has scaled rapidly since it was founded in 2019, raising more than $727m in funding and operating 7,000 physical points of sale alongside more than 5,000 stores.
“We are constantly seeking new ways to leverage modern payment technologies with the aim of creating a seamless experience for our customers,” Scalapay CEO Simone Mancini said.
“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.”
Earlier this year, Marqeta SVP and managing director international Jeff Parker told AltFi that “in the future, [Marqeta] will own the BNPL space”, and this collaboration is a step in that direction.
The partnership adds to Marqeta’s existing clients, Afterpay, Klarna and Sezzle.
“We’ve seen customer demand for flexible payments continue to grow, and we’re proud to power Scalapay as they create more seamless shopping experiences for their users and help their merchants increase adoption,” Marqeta chief revenue officer Todd Pollak said.
“As more companies embrace new checkout options, we’re well-positioned to continue our momentum in Europe and work closely with our customers to deliver high-quality, innovative payments offerings.”