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Fintech startup secured $48 million in a seed round that included debt and convertible notes to roll out its 鈥渂uy now, pay later鈥� platform in Europe.

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鈥淛ohnny [] and I were working together in online marketplaces and witnessed the challenge of acquiring customers and increasing revenue,鈥� , co-founder and CEO, told Crunchbase News. 鈥淲e decided to launch in Europe where buy now, pay later is underdeveloped.鈥�

The company is headquartered in Ireland with offices in Paris, Monaco, Sydney and Milan.

Scalapay breaks up payments into three installments, offering zero interest, and assumes all risk by paying the seller in full and immediately. The average value of orders when customers pay with Scalapay is 49 percent greater, and the average increase in the number of paying customers is 26 percent greater, Mancini said.

led the round, which included and . Mancini did not disclose how much of the seed was debt and how much was convertible notes.

Some in known venture capital funding since 2016, according to Crunchbase data. , which went public earlier this month, accounted for a vast majority of that funding, raising $1.5 billion alone.

In late December, a predicted apps such as, Affirm, and were poised to 鈥済row 10-15 times by 2025 to eventually process between $650 billion and $1 trillion in transactions.鈥�

, managing partner at Baleen Capital, an early investor in , said in an interview that the buy now, pay later market was created for smaller purchases, though it is often used now to break up large purchases.

He met Mancini and Mitrevski in 2019 and thought, from a team and product perspective, that what they were doing was 鈥渙ff the charts.鈥�

鈥淐ustomers think it is the most delightful experience and will use the shop directory to look for other stores to use Scalapay,鈥� Li said. 鈥淚t ultimately drives new purchases and new customers.鈥�

The funding will be used to roll out Scalapay across Europe, including expanding in France. Aiding that rollout is a new partnership with Germany-based to enable retailers to offer buy now, pay later installment payments across Europe using a simple integration.

鈥淲e take a different approach and want to give merchants the tools they need to provide a magical experience for merchants,鈥� Mancini said.

In addition, the company is bringing on new talent, about 50 new software engineers to build out its platform in the U.S., Australia and Europe.

Scalapay is already working with more than 1,000 merchants across France, Italy and Germany and has seen a 300 percent growth over the last quarter, Mitrevski said in an interview.

鈥淥ur next steps are really about the expansion,鈥� he added. 鈥淚taly is a market leader for us, and we want to get those same results in France and Germany.鈥�

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