The Buy Now – Pay Later solution continues to gain traction after hitting unicorn status earlier this year
Scalapay Raises $27m from Poste Italiane. (Credit: S K from Pixabay)
Scalapay, a leading European Buy Now – Pay Later provider, today announced a $27M USD investment from Poste Italiane, Italy’s largest service infrastructure network and one of the largest payment card issuers in Europe, in a Series B extension.
Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, without interest. Their 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. They are making the purchasing experience more delightful and easy for customers by lightening the financial impact.
Poste Italiane is Italy’s largest service infrastructure network, providing postal, financial, insurance, payments, telco, and digital services to households, businesses, and public administrations. For 160 years, with 12,800 Post Offices, 122 thousand employees, €582 billion in total financial assets, and about 35 million customers, Poste Italiane has been an integral part of Italy’s social and productive fabric, unparalleled in terms of size, brand awareness, reach and trust. Through its fully owned subsidiary PostePay, Poste Italiane is the digital services ecosystem of choice in Italy with ca. 29 million payment cards, ca. 28 million financial apps, and ca. 9 million digital wallets.
This funding is an extension of Scalapay’s $497M USD Series B fundraising round, which was announced in February 2022. This funding will go towards the continued expansion and development of Scalapay’s world-class team, product development, and brand building. Scalapay is also planning on expanding its executive team and company board. The additional funding brings Scalapay’s total funding to date to $727M USD.
Source: Company Press Release