Australian-founded, Europe-focused buy-now-pay-later startup Scalapay has raised A$692 million in a debt and fairness Sequence B.
The spherical was led by Chinese language tech powerhouse Tencent and US VC Willoughby Capital, with participation from present backer Tiger International, Gangwal, Moore Capital, Deimos, and Fasanara Capital.
The fintech already hit unicorn standing final yr following a $210 million sequence A final September, backing up a $67 million seed spherical in January 2021.
The startup has now raised greater than $910 million in funding in simply over 12 months. The recent elevate, which is break up roughly 50-50 in debt and fairness, values the enterprise at $1.9 billion.
Scalapay was based in 2019 by Australians Simone Mancini and Wollongong-based Johnny Mitrevski. Its BNPL product targets Southern Europe, working in Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria and offers prospects three choices (Pay in 3, Pay in 4, and Pay Later) through which prospects can choose to pay in 3 instalments, 4 instalments, or fully after 14 days.
Whereas the vast majority of Scalapay’s workers are in places of work in Milan, Paris, Munich and Dublin, the core tech workforce based mostly in Wollongong, below Mitrevski as Chief Expertise Officer.
“The core growth workforce is constructed out of the Innovation Campus in Wollongong and is without doubt one of the actual strengths of the corporate,” Mitrevski stated.
“It’s a real testomony to Australian talent and willingness to make it work that we are able to ship innovative know-how and superb buyer experiences from our residence to nations overseas.”
The enterprise is in the midst of recruiting as much as 80 builders, product managers and designers and is trying to double its headcount by the top of the yr.
Mancini, Scalapay’s Europe-based CEO, stated that for the reason that sequence A, the fintech has seen its fee volumes develop 3 times month-over-month.
“With interest-free instalments, we remodeled one of the vital irritating elements of the buying expertise, the fee, into one thing pleasurable for European customers,” he stated.
“Our journey began in Australia simply three years in the past. It’s been a very superb expertise going from working at a Bondi cafe to turning into one of the vital essential fee corporations in Europe with 200 individuals working throughout six completely different nations.”
The enterprise has additionally launched a platform referred to as Magic to enhance the e-commerce checkout expertise for patrons and retailers.
Macini stated the enterprise is now trying to broaden each its government workforce and the board.
Amit Jhawar, who was Venmo’s CEO, and a former COO and CFO at Braintree, lately signed on as a director and praised the BNPL’s mannequin.
“Scalapay is a superb resolution that matches a chic service provider resolution with a easy however highly effective consumer expertise,” he stated.
“I knew Scalapay was a winner after I noticed the service provider and client experiences that completely delivered worth to each side of the two-sided community in Southern Europe.”
