Scalapay raises USD 497 mln Series B and moves into the checkout market

BNPL provider Scalapay has announced that it secured a USD 497 Series B funding round, achieving the unicorn status.

Scalapay is a payment solution for ecommerce merchants across the globe that allows customers to Buy Now, Pay Later without interest. Their 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 instalments, 4 instalments, or entirely after 14 days.

The BNPL provider has also launched a platform called Magic. The platform is designed to modernise the checkout experience for customers and solve painful areas for merchants wishing to provide a, ecommerce solution. The company has raised over USD 700 million in funding to date. Since its recent Series A round, Scalapay has grown its payment volume three times month over month.

Company officials stated that there is an opportunity for Magic to redefine European ecommerce, which has a lesser reputation compared to its US peers. With Magic, they 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. They have done this whilst respecting Europe's PSD2 and GDPR rules.