Italian payments platform Scalapay raises $497M in new funding round

Italy-based Scalapay SRL raised $497 million in its latest funding round.

Tencent Holdings Ltd. and Willoughby Capital Holdings LLC led the Series B investment funding, with participation from Tiger Global Management LLC, Moore Capital Management LP, Fasanara Capital Ltd., Gangwal and Deimos.

Scalapay, which was founded in 2019 by Simone Mancini and Johnny Mitrevski, has raised more than $700 million in funding to date.

It plans to double the number of its employees by 2022-end, as well as expand its executive team and company board.