Scalapay becomes a unicorn: $ 497 million round and debut in the checkout market

The latest round of financing, led by Tencent and Willoughby Capital, has boosted the "status" of the company specializing in installment payments for online purchases. The launch of the Magic platform has been announced to help retailers avoid deadlocks through the simplification of online operations related to the phases of login, cart and initiation of orders by customers 24 Feb 2022 Veronica Balocco

Scalapay, the leading payment solution in Southern Europe offering interest-free deferred payment (BNPL) solutions, announced today that it has raised $ 497 million in Series B investments. The funding round was led by Tencent and Willoughby Capital , with the participation of Tiger Global, Gangwal, Moore Capital, Deimos and Fasanara Capital. Scalapay is a payment solution for e-commerce operators around the world, which allows customers to buy immediately and pay later, without interest. Its offer includes three alternatives (Pay in 3, Pay in 4 and Pay Later), thanks to which customers are not required to make payments at the time of purchase, and can instead choose to pay in 3 installments, 4 installments or in full. after 14 days. In this way the shopping experience becomes easy and pleasant, lightening the financial impact on customers. In the same framework, Scalapay also launched the new Magic platform. Destined to revolutionize the payment experience, the new checkout system aims to solve the most difficult problems for businesses that want to offer a solution for e-commerce around the world. Index of topics • The checkout "revolution" • Towards doubling the number of collaborators The checkout "revolution" Scalapay was founded by Simone Mancini and Johnny Mitrevski in 2019. The founding team also includes Raffaele Terrone, Daniele Tessari and Mirco Mattevi. The company has raised over $ 700 million in funding to date. Following the latest Series A round, Scalapay has tripled the volume of payments month after month. "With interest-free solutions, we have transformed one of the most tiring parts of the shopping experience, the payment, into something pleasant," comments Simone Mancini. "Now with Magic we go even further and help European merchants transform checkout, growing their customer network and delivering repeat shopping experiences that drive significant conversion increases." "Magic has an incredible opportunity to redefine European e-commerce, which has a worse reputation than its counterparts in the United States. With Magic, we have eliminated all the usual slowdown points at checkout and have resolved the main reasons for cart abandonment such as registration or login, shipping, payment selection, and privacy consents. We did it in compliance with the strict European PSD2 and GDPR regulations ”, explains Johnny Mitrevski. Towards doubling the number of collaborators Scalapay continues to build a world-class team and aims to double the number of collaborators by the end of the year. He also plans to increase the executive team and board of directors. Among the recently added board members are Amit Jhawar, formerly CEO of Venmo, and COO and CFO of Braintree. "Scalapay is a brilliant solution that combines an elegant system for merchants with a simple but powerful user experience. I realized that Scalapay was a winner when I saw that the service for merchant and consumer offered extraordinary value on both fronts of the network in Southern Europe, ”Jhawar emphasized. Scalapay currently collaborates with numerous international retailers, including Twinset, Calligaris, Stroili, MSGM, Luisa Spagnoli, Decathlon, Calzedonia, Swappie and Seletti, among others. It is also the official sponsor of the National Chamber of Italian Fashion until 2023, with special activations during the Milano Moda Donna FW22-23 fashion shows.