Milan, October 2024 - Scalapay, the leading provider of "Buy Now, Pay Later" (BNPL) solutions in Southern Europe, and BNP Paribas, European Union’s leading bank and key player in international banking have signed an agreement for 2,5 years under which BNP Paribas will provide senior financing for a portfolio of up to €3 billion of eligible receivables related to BNPL loans granted by Scalapay IP S.p.A. (a payment institution belonging to the Scalapay Group) to its customers in Southern Europe, of which 60% are in Italy.
The transaction strengthens the role of Scalapay in the payment ecosystem particularly in Italy, France, Spain and Portugal, where the BNPL is experiencing an increased penetration in the merchant’s share of online transactions. In fact, the BNPL’s popularity has exponentially boomed over the past five years, increasing double digit every year. This scenario is offering the BNPL solution new opportunities to expand further in the payments market, where the traditional credit solutions are asymmetric, obsolete, cost-inefficient, and cumbersome for end-customers, and are becoming not attractive to potential customers.
We are on a mission to become the most customer-friendly financial product platform in Southern Europe - said Simone Mancini, Founder and CEO at Scalapay - in a complex economic context, threatened by credit tightening and decreasing purchasing power in mature markets, our aim is to increase the support to credit access in a simple way. Our clients are proving their ability to repay and become loyal customers, asking for more transparent and easy-to-use financial products: for this reason we strive to deliver more services at the lowest cost. Thanks to BNP Paribas, Scalapay can double-down its BNPL offer and foster merchants’ e-commerce and instore sales leveraging on our community of repeating and highly engaged customers.
BNP Paribas structured and arranged the debt for the transaction. Scalapay in-house legal team was supported by CBA Studio Legale e Tributario as legal advisors while BNP Paribas has been supported by Linklaters LLP as legal counsel. Centotrenta Servicing S.p.A has been the securitization transaction’s master servicer.
About Scalapay
Scalapay is the leading Buy Now Pay Later platform in Southern Europe, transforming the
way over 7 million users shop online and in-store by allowing them to make interest-free
instalment purchases. Our mission is to enable our over 8,000 brands to offer their
customers magical shopping experiences with brands such as Veralab, Douglas, Patrizia
Pepe, Twinset, Alpitour, Best Western, and more. To discover more about our solutions, click here.
About BNP Paribas
BNP Paribas is the European Union’s leading bank and key player in international banking. It operates in 63 countries and has nearly 183,000 employees, including more than 145,000 in Europe. The Group has key positions in its three main fields of activity: Commercial, Personal Banking & Services for the Group’s commercial & personal banking and several specialised businesses including BNP Paribas Personal Finance and Arval; Investment & Protection Services for savings, investment and protection solutions; and Corporate & Institutional Banking, focused on corporate and institutional clients. Based on its strong diversified and integrated model, the Group helps all its clients (individuals, community associations, entrepreneurs, SMEs, corporates and institutional clients) to realise their projects through solutions spanning financing, investment, savings and protection insurance. In Europe, BNP Paribas has four domestic markets: Belgium, France, Italy and Luxembourg. The Group is rolling out its integrated commercial & personal banking model across several Mediterranean countries, Turkey, and Eastern Europe. As a key player in international banking, the Group has leading platforms and business lines in Europe, a strong presence in the Americas as well as a solid and fast-growing business in Asia-Pacific. BNP Paribas has implemented a Corporate Social Responsibility approach in all its activities, enabling it to contribute to the construction of a sustainable future, while ensuring the Group's performance and stability.
