Scalapay, a Milan, Italy-based payment solution that enables customers to buy now and pay later (BNPL) without interest, raised $497M in Series B funding.

The round, which brought total funding raised to date to over $700M, was led by Tencent and Willoughby Capital, with participation from Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital.

Founded by Simone Mancini and Johnny Mitrevski in 2019, Scalapay is an innovative payment solution for e-commerce merchants across the globe that allows customers to buy now and pay later, without interest. Their BNPL offerings include three options for customers (Pay in 3, Pay in 4, and Pay Later) in which customers are not required to make any payments upfront, and can instead opt to pay in 3 installments, 4 installments, or entirely after 14 days.

The company, which has also launched a platform, called Magic, which is designed to improve the checkout experience for customers, currently works with major international merchants and retailers, including Shein, Decathlon, Calzedonia, Morgandetoi (Beaumanoir Group), Swappie, Moschino, Don’t Call Me Jennifer, Samsonite, Nike, and Pandora, among others. They are also the official sponsor for Milan Fashion Week.

The founding team also comprises Raffaele Terrone, Daniele Tessari and Mirco Mattevi.