Milan-based buy now pay later player Scalapay has raised $155 million in equity funding in a Series A round. In line with many other BNPL providers, Scalapay offers consumers the ability to spread the cost of an item over 3 interest-free monthly installments. The new funding will be used to accelerate international expansion efforts as well as the launch of new products designed to support luxury, fashion, and travel merchants. In the two years since its launch, Scalapay has raised approximately $203 million.
In a day and age when Klarna has a market valuation of $46 billion, Square laid down $29 billion to acquire BNPL player Afterpay, and PayPal shelled out $2.7 billion to grab Japan’s Paidy, it’s a fair statement to make that the buy now pay later space is hotter than a stack of flapjacks on Sunday morning.