Marqeta and Scalapay Partner to Boost BNPL in Europe

Published 7 months ago

US card issuing company, Marqeta, is teaming up with Scalapay, a fintech firm based in Southern Europe, to promote the ‘buy now, pay later’ (BNPL) scheme across Europe. The collaboration will see the two companies enter into a five-year exclusive contract, putting Marqeta’s platform into use for issuing virtual cards. This will simplify the payment process for both merchants and customers, covering both online and in-person transactions.

Enhancing Scalapay’s BNPL Offering with Marqeta’s Platform

The integration of Marqeta’s platform into Scalapay’s existing BNPL service, which currently caters to more than five million users, will provide a significant upgrade. The ‘Just-in-Time Funding’ feature will expedite the approval of customer loans, enabling instant purchases with virtual cards funded precisely for the required amount.

Scalapay’s Rapid Growth and Marqeta’s BNPL Ambitions

Scalapay, Italy’s first fintech unicorn, has shown impressive growth since its inception in 2019. It has raised over $727m in funding and operates 7,000 physical points of sale in addition to over 5,000 stores. Scalapay CEO, Simone Mancini, expressed the company’s continuous search for innovative ways to use modern payment technologies to create a seamless experience for customers. He views Marqeta’s technical expertise and scalable platform as ideal for supporting partners in enhancing the shopping experience for their customers.

Earlier in the year, Marqeta’s SVP and managing director international, Jeff Parker, revealed to AltFi the company’s ambition to dominate the BNPL sector. This partnership with Scalapay aligns with that vision.

Marqeta’s Expansion and Client Portfolio

The collaboration with Scalapay adds to Marqeta’s existing client list, which includes Afterpay, Klarna, and Sezzle. Marqeta’s chief revenue officer, Todd Pollak, commented on the growing customer demand for flexible payments. He expressed pride in powering Scalapay’s efforts to create more seamless shopping experiences for their users and assist their merchants in increasing adoption. He also pointed out Marqeta’s strong positioning to continue its momentum in Europe, delivering high-quality, innovative payments offerings.