Poste Italiane, an Italy-based service infrastructure network and payment card issuer, has invested $27m in European buy-now-pay-later (BNPL) player Scalapay.
The investment was made as an extension of Scalapay’s $497m Series B funding round announced this February. It takes the firm’s total funding to date to $727m.
Scalapay provides buy now and pay later offerings, including Pay in 3, Pay in 4, and Pay Later. These offerings enable consumers to pay for their purchase in three or four instalments or entirely after 14 days without making any upfront payments.
Poste Italiane’s investment will support the continued expansion and development of Scalapay’s team, product development, and brand building.
The firm also plans to expand its executive team and company board.
Last year, Scalapay raised $48m in a seed funding round led by Fasanara Capital and joined by Baleen Capital and Italian family office Ithaca Investments.
Latest development in BNPL space
Recently, Berlin-headquartered business-to-business (B2B) payment firm Mondu struck a payment solution partnership with Raisin Bank to extend its BNPL solutions for online B2B merchants and marketplaces.
Last month, Singapore-based cross-border payments platform Thunes partnered with BNPL firm Clearpay to expand BNPL solution to its merchant network, payment service providers and marketplace partners.
In March, Singapore-based BNPL outfit PACE Enterprise acquired rival firm Rely to expand its presence in Asia.
The same month, BNPL consumer financing network ChargeAfter raised $44m in a Series B funding round to bolster its global merchant and lender network.