Buy now, pay later (BNPL) startup Scalapay and FinTech Twig, both based in Europe, have teamed up to allow customers to resell products they bought using Scalapay and get paid instantly by Twig, according to a Wednesday (May 25) press release emailed to PYMNTS.
Scalapay, a payment solution for global eCommerce merchants that allows customers to pay for their purchases in installments with no interest, offers options in which customers are not required to make any payments upfront. Instead, they can opt to pay in three installments, four installments or pay their entire balance after 14 days, the release stated.
Web3 green payment infrastructure platform Twig offers Generation Z and younger millennial consumers an eMoney account that gives them instant payouts on fashion and electronics they want to sell, according to the release.
As part of the partnership, Scalapay customers will be forwarded to Twig and can get instant valuations on their apparel and electronics and sell them to Twig with immediate payment. Twig will then send customers a prepaid parcel in the mail so they can ship the product to the buyer, the release stated.
“We want to do our part and encourage our customers to think and act more sustainably,” said Scalapay CEO and Co-Founder Simone Mancini in the release. “If a customer can instantly resell something they have purchased, like a dress or a bag, then it supports them in buying better quality and even opting for sustainable brands whose products tend to hold their value more over time. This is central to what we are trying to achieve. By slowing down the payment, we want to be for shopping what the slow-food movement is for cooking. Allowing instant resale furthers this.”
Scalapay is also teaming with For The Earth by Twig, a B2B impact initiative that shows businesses how to improve their sustainability practices.
Earlier this month, Scalapay secured $27 million from Italy’s postal service, Poste Italiane, an extension of Scalapay’s $497 million Series B in February. The money will go toward scaling and developing the startup’s workforce, executive team and company board, as well as brand and product development.
Read more: Italy’s BNPL Unicorn Scalapay Secures $27M From Poste Italiane
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