Scalapay, a payment solution in Southern Europe that enables customers to buy now and pay later (BNPL) without interest raised $210m in equity funding in a Series A investment round.
The round was led by Tiger Global, with participation from Baleen Capital and Woodson Capital. The new investors join existing investors Fasanara Capital and Ithaca Investments.
Scalapay is attracting investment from Tiger Global
The company was founded in 2019 by two Australians Simone Mancini and Johnny Mitrevski.
Their vision was to bring BNPL to Southern Europe and have since launched their services in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria.
Since their seed funding in January 2021, the team has doubled in size and now have offices in Milan, Paris, Munich, Dublin as well as its core technology team based in Wollongong.
The company now valued over $1B AUD has raised $277m in two years since launch.
Scalapay and Tiger Global comments
Scalapay’s co-Founder and Chief Technology Officer, Johnny Mitrevski, based in Wollongong, Australia as lead of the core technology team applauded this milestone.
“This milestone for Scalapay shows that Australian fintech is making a mark globally. I believe that, because of our strong financial and banking culture, Australia does fintech better.”
Scalapay increases a customer’s spending power allowing them to buy the things they love without sacrificing quality or taste over price.
By spreading the payment over 3 installments without interest Scalapay makes the purchase experience more delightful as it lightens the impact on a customer’s budget.
For merchant partners this drives new customers, increases average basket sizes by 48%, conversion at checkout by 11%.
“Scalapay has quickly become an important player in European payments and the BNPL sector,” said Alex Cook, Partner, Tiger Global.
“We are impressed by their product development pipeline and strong focus on merchant success. We are excited to support Scalapay in the next phase of its growth.”