Milan-based startup Scalapay has landed a whopping €40 million seed round. The investment was led by Fasanara Capital, while Baleen Capital and Italian family office Ithaca Investments joined as well.

The platform allows e-commerce merchants to offer buy-now-pay-later (BNPL) options to their customers. The Italian company says its financing tool increases average order value by nearly 50 percent.

Merchants can set up the platform within 1-5 days, depending on their software, and then pays an average fee of 4.2 percent of the order price. As for customers, they choose Scalapay at checkout, set up an account and pay with a Visa, Mastercard, American Express, or bank account. The installments are automatically debited from the payment method on specific due dates.

Scalapay currently serves about 1,000 merchants across Italy, France and Germany, including brands Decathlon and Calzedonia.

With plans to expand, Scalapay recently signed a partnership with Raisin Bank, a pan-European Banking-as-a-Service provider. The bank is also tied to Berlin-based startup Moss, which offers BNPL for business expenses, and just raised €21 million in funding.

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