Scalapay, Southern Europe’s pioneering payment tech company, has announced that it has bagged $497 in funding in a Series B investment round. The round was led by Willoughby Capital and Tencent and included participation from  Moore Capital, Gangwal, Tiger Global, Fasanara Capital, and Deimos.

With the freshly raised funds, Scalapay says that it will double its number of employees by the end of 2022 and add more heft to its executive team and company board.

The latest round comprises about $213 million of equity as well as $284 million of debt capital.

The Italy-based buy now, pay later financial technology company which was founded in 2019 has raised more than $700 million in funding. The fintech firm recently closed its Series A investment round and since then has increased its payment volume 3X month-on-month.

Scalapay execs completing Series B funding

Chief Executive Officer and Co-founder of Scalapay, Simone Mancini said that with interest-free instalments, Scalapay has transformed a frustrating part of the shopping experience – payment – into something pleasurable.

Fueled by its goal of empowering merchants to provide their customers with unique experiences, Scalapay has launched Magic a platform that is designed to revolutionize the checkout and payment experience for customers and provide a solution for one of the most painful areas for merchants wishing to offer a world-class online solution.

Mancini adds that, with Magic, Scalapay will go a step further and help European merchants in transforming their complete checkout experience, leverage a huge network of shoppers, and offer “repeat-like purchase experiences” which drive considerable increases in conversion.

Co-Founder and Chief Technology Officer of Scalapay, Johnny Mitrevski points at an incredible opportunity for their platform Magic to have redefined European eCommerce, which has much less reputation as compared to its peers in the United States.

With Magic, says Mitrevski, Scalapay has removed all points of friction at the checkout and also addressed key reasons for cart abandonment (like login and signup, privacy consents, shipping, and payment selection). The company has done so while respectfully complying with the strict PSD2 and GDPR rules of Europe.

SEE ALSO: Binance invests a whopping $200 million in Forbes

About Scalapay – an Italy-based BNPL firm

Founded by Johnny Mitrevski and Simone Mancini in 2019, Scalapay is a groundbreaking, innovative payment solution for online merchants across the world that enables customers to ‘buy now and pay later’, and that too, without interest. The founding team of Scalapay also comprises Daniele Tessari, Raffaele Terrone, and Mirco Mattevi.

Scalapay’s BNPL offerings include 3 options for customers – Pay in 3 instalments, Pay in 4 instalments, and Pay Later) – in which customers aren’t needed to make any payments at the time of buying, and can instead opt for paying in 3 instalments, 4 instalments, or after 14 days. 

The company’s recently launched platform, called Magic, has been designed to enhance the checkout experience for customers and currently works with certain major international merchants and retailers, which includes Shein, Calzedonia, Morgandetoi (Beaumanoir Group), Decathlon, Swappie, Moschino, Samsonite, Nike, Don’t Call Me Jennifer and Pandora, and others. Scalapay is also the official sponsor for Milan Fashion Week.

SEE ALSO: Tonik closes $131 million Series B funding deal

For more latest IT news and updates, keep reading iTMunch

Image Courtesy:  Money pile photo created by master1305 –