Business
Marqeta Announces Partnership with Scalapay to Deliver Buy Now Pay Later Across Europe
Marqeta continues European bookings momentum by announcing a new partnership with Scalapay, Southern Europe’s leading BNPL provider with over five million
About this update from Marqeta, Inc.
[{"type":"text","content":"\nMarqeta continues European bookings momentum by announcing a new partnership with Scalapay, Southern Europe’s leading BNPL provider with over five million customers.\n\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced a new partnership with Scalapay, Southern Europe’s leading BNPL provider, to leverage Marqeta’s platform to issue cards both online and in-store. Marqeta and Scalapay have signed a five year exclusive contract, where Marqeta will issue virtual cards for online and in-person transactions, creating a more seamless payments experience for both merchants and consumers.\n\n\nBuy Now, Pay Later (BNPL) continues to be a focal point of consumer interest globally. According to Marqeta’s fall 2022 State of Credit survey, more than 1-in-3 people (35%) surveyed said they now use BNPL more than credit cards, showing continued engagement with this lending vertical.\n\n\nThe flexibility of the Marqeta platform further enhances the shopping experience provided by Scalapay. By leveraging Marqeta’s innovative Just-in-Time Funding feature, once a Scalapay consumer is approved for their loan and completes a purchase, a virtual card is instantly created and funded for the exact loan amount. This card can be immediately used for payments both online and in-store through a digital wallet and via the existing checkout or POS, thereby expanding exponentially the number of partners where customers can finance their purchases.\n\n\n\"We are constantly seeking new ways to leverage modern payment technologies with the aim of creating a seamless experience for our customers. Marqeta's technical acumen and scalable platform are an ideal partner for us in supporting our partners to create better shopping experiences for their customers.\" said Simone Mancini, CEO, Scalapay.\n\n\nAs Italy’s first fintech unicorn, Scalapay has seen significant momentum since it was founded in 2019, and has raised over $727 million in funding to-date. With more than 5,000 stores and 7,000 physical points of sale, Scalapay’s pay in 3 or 4 installments’ products reaches more than 5 million users across Europe. Scalapay merchants have seen a 48% increase in average order value, increased cart conversion, and decreased abandonmen...