US-based card issuing platform Marqeta is pairing up with Italian fintech Scalapay to drive ‘buy now, pay later’ across Europe.
In brief:
-The two companies have signed a five-year exclusive contract, leveraging Marqeta’s platform to issue virtual cards for both online and in-person transactions, easing the payments process for both merchants and customers.
-Marqeta will issue virtual cards for Scalapay’s five million users to get loan approval and instantly make purchases
-Italy’s first fintech unicorn, Scalapay has scaled rapidly since it was founded in 2019, raising more than $727m in funding and operating 7,000 physical points of sale alongside more than 5,000 stores.
What does this mean?
“We’ve seen customer demand for flexible payments continue to grow, and we’re proud to power Scalapay as they create more seamless shopping experiences for their users and help their merchants increase adoption,” Marqeta chief revenue officer Todd Pollak said.
