PayTech platform Scalapay has become Europe’s latest unicorn, with it reaching the status after the close of a $497m Series B round.
Tencent and Willoughby Capital led the round, with contributions also coming from Tiger Global, Gangwal, Moore Capital, Deimos and Fasanara Capital.
Scalapay, which is based in Italy, provides buy now, pay later services to e-commerce merchants. Customers can make payments in three or four instalments or choose to pay entirely after 14 days.
It was founded in 2019 by Simone Mancini and Johnny Mitrevski, and since then it has raised over $700m in equity.
The company recently launched its Magic platform. This is designed to transform the checkout experience for customers and make it more seamless.
Scalapay co-founder, and CEO Simone Mancini said, “With interest-free instalments we transformed one of the most frustrating parts of the shopping experience, the payment, into something pleasurable.
“Now with Magic, we are going one step further and helping European merchants transform their entire checkout experience, leverage a large network of shoppers, and offer repeat-like purchase experiences which drive significant increases in conversion.”
By the end of the year, Scalapay hopes to double its staff.
The company previously raised $155m in funding, which was led by Tiger Global, back in September 2021.
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