Buy now and pay later solution provider Scalapay has scored $48m in a seed round of funding, continuing the recent surge of funding for these types of FinTechs.
The investment round was led by Fasanara Capital, with capital also coming from Baleen Capital and Italian Family Office Ithaca Investments.
Scalapay enables consumers to split up their payments into three easy instalments with zero interest. Through this capability, merchants can grow their sales, acquire new customers and offer better experience to customers.
The FinTech assumes all risk of fraud by paying the seller immediately and in full upfront. Its services are used by more than 1,000 merchants across France, Italy and Germany.
Scalapay co-founder and CEO Simone Mancini said, “Our mission is to empower merchants to deliver magical customer experiences. When comparing solutions used by merchants to improve customer experience and their bottom line, interest-free instalments stand apart for the high return on investment.
“We immediately have a big impact on revenues and the integration effort is minimal,” said Mancini. “This new funding allows us to support our pipeline of merchants across Europe and further our mission by giving merchants exciting tools to make their ecommerce experience magical.”
The company recently formed a partnership with pan-European banking-as-a-service provider Raisin Bank. This deal will help Scalapay with its rollout across the EU.
There have been a number of buy now, pay later companies to raised capital over the past few months. San Francisco-based Affirm recently launched publicly and during its first day of trading its stock jumped up by more than 100%
Here are seven buy now and pay later solutions to have received funds over the past few months.
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