Scalapay, a European purchase now, pay later (BNPL) supplier, has raised $497 million in Series B funding, a press launch stated, together with debuting its Magic program, which it says will add extra capabilities to assist retailers make fee simpler.
Scalapay works with eCommerce retailers and gives BNPL plans with no curiosity.
The launch says there are three BNPL choices: paying in three or 4 installments, or completely after 14 days.
Scalapay stated Magic will relieve burdens on the checkout expertise for patrons and “solve the most painful areas” for retailers, the discharge stated.
“With interest-free installments, we transformed one of the most frustrating parts of the shopping experience, the payment, into something pleasurable,” stated 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.”
Meanwhile Johnny Mitrevski, chief know-how officer and fellow co-founder, stated this was an “incredible opportunity for Magic to redefine European eCommerce, which has a lesser reputation compared to its U.S. peers.”
He stated Magic cuts friction factors and different causes customers abandon their carts, together with “signup or login, shipping, payment selection, and privacy consents,” the discharge stated.
Read extra: European BNPL Firm Scalapay Raises $155M
Scalapay additionally raised $155 million final yr, saying that the funding spherical would assist it develop its crew and operations.
Scalapay was based in 2019 by Mancini and Mitrevski, and has operations going all through Europe now, together with in Italy, France, Germany, Spain, Portugal, Finland, Belgium, the Netherlands and Austria.
Mancini stated the thought behind the corporate was “giving customers the ability to enjoy the small pleasures in life without needing to compromise.” He stated it was necessary now due to the best way the pandemic has roiled the financial system and brought on individuals to reprioritize what was necessary to them.
“We want to bring the Italian concept of ‘dolce vita’ and slowing down to enjoy the small things in life to the rest of the world, via our partners,” he stated, PYMNTS wrote.
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