Aussie founded BNPL solution Scalapay hits unicorn status, raising $692M AUD Series B and enters checkout market
Wednesday 23 February 2022, 11pm AEST 2022: Scalapay, Southern Europe’s leading payment solution that enables customers to buy now and pay later (BNPL) without interest, today announced that it has raised $692M AUD in Series B investment funding. The round was led by Tencent and Willoughby Capital, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital. Goldman Sachs advised Scalapay as a placement agent for the round.
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 can 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.
Driven by its mission of empowering merchants to offer their customers amazing experiences, Scalapay has also launched a platform called Magic. The platform is designed to revolutionise the checkout experience for customers and solve the most painful areas for merchants wishing to provide a world-class e-commerce solution.
The company was founded in 2019 by two Australians Simone Mancini and Johnny Mitrevski. The founding team also comprises Raffaele Terrone, Daniele Tessari and Mirco Mattevi. The company has raised over $910M AUD in funding to date. Since its recent Series A round, Scalapay has grown its payment volume 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 for European consumers,” says Simone Mancini, Co-Founder, and CEO of Scalapay.
“Our journey started in Australia just three years ago. It’s been a truly amazing experience going from working at a Bondi cafe to becoming one of the most important payment companies in Europe with 200 people operating across 6 different countries.”
“The core development team is built out of the Innovation Campus in Wollongong and is one of the real strengths of the company. It’s a true testament to Australian skill and willingness to make it work that we can deliver cutting edge technology and amazing customer experiences from our home to countries abroad,” says Johnny Mitrevski, Co-Founder and CTO of Scalapay.
Scalapay continues to build a world-class team and aims to double its number of employees by the end of the year. They are also planning on expanding their executive team and company board. Some of their recently added board members are Amit Jhawar, former CEO of Venmo, and former COO and CFO at Braintree.
“Scalapay is a brilliant solution that matches an elegant merchant solution with a simple but powerful user experience. I knew Scalapay was a winner when I saw the merchant and consumer experiences that perfectly delivered value to both sides of the two-sided network in Southern Europe,” said Amit Jhawar.
Scalapay currently works with major international merchants and retailers, including Shein, Decathlon, Calzedonia, Morgandetoi (Beaumanoir Group), Swappie, Moschino, Don’t Call Me Jennifer, Samsonite, Nike, and Pandora, among others. They are also the official sponsor for Milan Fashion Week.
To learn more, please visit http://www.scalapay.com.
For interviews with Johnny Mitrevski and Simone Mancini please contact:
Lisa Burling Blake, LBPR
M: 0429 976 718
Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, in three convenient pleasurable installments, without interest. Spreading payments over time allows consumers to choose what they really love, gives them access to the best quality, their favourite brand, or item without impacting their budget. Scalapay’s mission is to provide a global platform that is based on pleasure and better consumption choices.