How Scalapay’s BNPL solution changes the checkout experience

Scalapay, the Buy Now Pay Later solution (BNPL), has hit unicorn status after raising US$497mn in Series B funding, and is now entering the checkout market

Founded by Simone Mancini and Johnny Mitrevski in 2019, Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later (BNPL), in three installments, without interest.

Scalapay's mission is to provide a global platform that is based on pleasure and better consumption choices. The company has raised over US$700mn in funding to date and since its recent Series A round, Scalapay has grown its payment volume three times month over month.

The company currently works with major international merchants and retailers, including Shein, Decathlon, Calzedonia, Moschino, Samsonite, Nike, and Pandora, among others. They are also the official sponsor for Milan Fashion Week.

Changing the checkout experience for customers 

Scalapay has recently raised US$497mn 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.

The company’s BNPL offerings include three options for customers (Pay in 3, Pay in 4, and Pay Later) in which customers are not required to make any payments upfront, and can instead opt to pay in 3 installments, 4 installments, or entirely after 14 days.

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.

"With interest-free installments, we transformed one of the most frustrating parts of the shopping experience, the payment, into something pleasurable," says Simone Mancini, Co-Founder, and CEO of Scalapay. "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."

Using technology to make shopping an easier experience 

Scalapay is also planning on expanding its executive team and company board. Some of its recently added board members are Amit Jhawar, former CEO of Venmo, and former COO and CFO at Braintree.

"There is an incredible opportunity for Magic to redefine European eCommerce, which has a lesser reputation compared to its US peers. With Magic, we have removed all the common friction points at checkout and addressed key reasons for cart abandonment such as signup or login, shipping, payment selection, and privacy consents. We have done this whilst respecting Europe's strict PSD2 and GDPR rules," says Johnny Mitrevski, Co-Founder, and CTO of Scalapay.

 

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