Scalapay, a leading payment solution in Southern Europe, helping more than 3,000 partner companies to grow and their customers to enjoy shopping experiences, raised $ 155 million in equity funding as part of the Investment Series round A. The round was led by Tiger Global, with the participation of Baleen Capital and Woodson Capital. The new investors are added to the existing ones: Fasanara Capital and Ithaca Investments.
Scalapay was the first in Italy to launch the digital payment system “buy now, pay later”, spreading the amounts in three interest-free solutions. In two years, investors and consumers have believed in it, so much so that the method has spread to 3,000 companies, including Decathlon, Calzedonia Group, Bata and DTL Viaggi.
This important new collection of capital makes the start-up a stronger interlocutor also for Italian companies in the travel sector, a market with great development opportunities, as confirmed by the recent research conducted by Scalapay according to which 96.1% would travel more often if they could delay the payment.
The idea that Scalapay carries out has benefits for partner companies as well as for their customers. On the one hand, it makes it easier for people to get what they want without compromise and without sacrifice, it lightens the choice and immediate expense, thanks to the fact that it can divide the total into 3 monthly amounts. On the other hand, it allows companies to focus on what they do best, their product or service, and to have more customers, with an average spend that increases by 48%, supported by strong media amplification. Scalapay, in fact, generates over 1 million visits per month for partner sites, increasing their online visibility.
«Scalapay has quickly become an important operator in the field of European payments and in the Bnpl sector – comments Alex Cook, Partner of Tiger Global -. We are impressed with the product development process and the dedication put into helping partner companies. We are thrilled to support Scalapay in the next stages of its growth ».
The new funds will be used to grow the team, to increase the international dimension and to launch new products to support businesses in the luxury, fashion and in particular travel and entertainment sectors.
In July Scalapay appointed Pingki Houang as general manager, and hired Arlene Reynolds to oversee the activities and expansion of the countries.
After becoming the official sponsor of Milan Fashion Week for the period 2021-2023, the company created in 2019 by Simone Mancini and Johnny Mitrevski, joined in the initial stages by Raffaele Terrone, Daniele Tessari and Mirco Mattevi, opened its services in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Holland and Austria. In 2 years, $ 203 million was raised. Their team doubles, reaching over 150 people by January 2021.
He comments: «Last year more than ever he reminded us how important even the little things can be. One of the ways we want to contribute to the sense of fulfillment is through giving attention to beautiful things, appreciating small moments of pleasure, living a romantic weekend, giving a gift to a person we love.
«We believe that, like the strong growth in demand for luxury fashion, Scalapay can generate a surge in the demand for travel and holidays. Being able to do it in a responsible way from a financial point of view, paying over time, stimulates and increases the pleasure of buying ».
Scalapay’s payment solution has had a significant impact on over 3,000 brand partners, the platform has become one of the most used payment methods in Southern Europe and the first payment solution in Trustpilot’s ranking when it comes to customer satisfaction.