Scalapay announced an additional $497 million series B extension led by Tencent and Willoughby Capital.

Scalapay, a Milan, Italy-based provider of a third-party payment solution that enables customers to buy now and pay later (BNPL) without interest, announced a $497M financing round, in what it is dubbed a series B equity extension.

The money is a combination of debt ($284 million) and equity ($213 million) raised from investors led by Tencent and Willoughby Capital and joined by Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital.

The initial series B was closed at $155 million and was led by Tiger Global in 2021.

Scalapay, founded in 2019 by CEO Simone Mancini and Johnny Mitrevski, provides a third-party payment solution that enables customers to buy now and pay later (BNPL) without interest and merchants to grow sales, acquire new customers, and provide a better customer experience. The company works with 3000 merchants in Europe, specifically Italy, France, Germany, Spain, Portugal, Finland, Belgium, Netherlands and Austria.

Scalapay previously raised $48M in January 2021.