Scalapay Startup Diligence Report
Proceed only as a high-interest diligence target: public evidence supports real operating scale and category relevance, while the decisive diligence questions are financial quality, credit/funding risk, regulatory resilience, merchant concentration and supplier dependency.
Scalapay Startup Diligence Report
Scalapay is a well-funded European BNPL unicorn with strong public evidence of product breadth, merchant/user scale claims and institutional partnerships, but investment-grade diligence is blocked by missing private financials, unit economics, cap table, credit-loss data, regulatory artifacts and material contracts.
No audited P&L, balance sheet, cash flow, GMV, take-rate, loss-rate, CAC/payback or cohort profitability data were found; BNPL economics can deteriorate quickly with credit losses and funding costs.
Diligence request: Require audited statements, management accounts, loan book performance, vintage loss curves, approval rates, CAC/payback and contribution margin by product/geography.
EU consumer credit rules, payment-institution licensing, AML/KYC and DORA can affect onboarding, underwriting, disclosures, incident reporting and operating costs.
Diligence request: Obtain product-by-country legal memo, license/passporting matrix, regulator correspondence, AML files, DORA readiness and policy implementation evidence.
Public valuation signals conflict ($1B CB Insights row vs $1.9B company career claim) and do not disclose preference stack, dilution, secondary sales or latest fair-value marks.
Diligence request: Obtain current cap table, financing agreements, board-approved valuation, option pool, SAFEs/notes/warrants and investor marks.
EIB Scale-Up Debt and securitization/treasury references imply debt and asset-funding complexity; public terms do not reveal covenants, collateral, drawdowns or liquidity runway.
Diligence request: Review EIB facility, warehouse/securitization documents, cash forecast, covenant compliance, funding-cost sensitivity and stress tests.
The product depends on consumer approvals, payment collection, fraud checks and merchant/customer disputes; public sources do not disclose approval, default, fraud or recovery rates.
Diligence request: Request underwriting policy, scorecards, vintage loss curves, fraud losses, disputes, refunds, chargeback rates and collections practices by country/product.
Marqeta virtual-card issuance and multi-processor/banking infrastructure are material dependencies; outages, pricing changes or termination could affect acceptance and margin.
Diligence request: Review processor/bank contracts, SLAs, redundancy, incident history, exit rights, routing controls and vendor concentration metrics.
PayPal Pay Later and Alma demonstrate merchant alternatives with wallet scale or regional overlap; competitors may compress merchant fees and raise acquisition costs.
Diligence request: Request win/loss data, merchant churn, take-rate trends, competitor pricing, pipeline conversion and differentiation evidence.
Public logos and brand counts are positive but do not disclose active GMV, revenue concentration, churn, top customers or signed contract duration.
Diligence request: Obtain top-15 merchant/customer list, GMV/revenue concentration, contract terms, churn/retention cohorts and independent customer references.
Scalapay has strong public financing and scale signals, but the core financial diligence package is not public. Current underwriting should treat financial quality, valuation and debt terms as unresolved until data-room materials are reviewed.
not publicly verifiable confidence: high
No audited financial statements, management accounts, backlog or AR aging were found publicly; public materials provide only financing and scale proxies.
| item | public status | public evidence | diligence implication |
|---|---|---|---|
| Audited financial statements | Not located | No audited statements in reviewed public sources | Cannot assess revenue quality, losses, cash burn or balance sheet |
| GMV / revenue / take rate | Not disclosed | Merchant fee average and retailer-commission model appear in company claims only | Need contribution margin by cohort and geography |
| Scale indicators | Partially public | Users, brands, merchants, stores and POS counts across sources | Definitions must be reconciled before underwriting growth |
Public evidence is sufficient for screening, not investment underwriting.
not publicly verifiable confidence: medium
Public evidence shows growth drivers such as users, brands, product expansion and EIB-financed technology work; no management forecast or scenario model is public.
partially verified confidence: medium
Public financing history is robust, but current shares, stockholders, options, warrants, debt terms and off-balance-sheet liabilities are private.
| date | event | amount | valuation or terms | investors or counterparty | diligence need |
|---|---|---|---|---|---|
| 2021-01-28 | Seed | $48M | Not public | Fasanara, Baleen, Ithaca and others | Stock purchase docs and cap table |
| 2021-09-09 | Series A | $155M | $700M valuation public claim | Tiger Global, Baleen/Woodson, Fasanara, Ithaca | Preference stack and primary/secondary split |
| 2022-02-23 | Series B | $497M | Unicorn/public valuation not fully disclosed in release | Tencent, Willoughby, Tiger, Fasanara and others | Round composition, valuation and proceeds |
| 2025-12-09 | EIB Scale-Up Debt | €70M | Non-dilutive pre-IPO debt; covenants not public | European Investment Bank | Facility agreement and covenant model |
| 2026 public profile | Valuation signal | $1B / $1.9B references | Conflicting public references | CB Insights / Scalapay Careers | Current valuation support and investor marks |
not publicly verifiable confidence: medium
Tax positions, accounting policies and revenue-recognition details are not public; merchant-funded economics are visible only through company claims and recruiting signals.
| gap | why material | requested artifact | risk id |
|---|---|---|---|
| Revenue and GMV by product/geography | Tests scale, mix and monetization of merchant-funded BNPL | Monthly GMV, net revenue and take-rate by product/country | R-001 |
| Credit loss and fraud vintages | Determines contribution margin and funding capacity | Approval/default/fraud/recovery curves by cohort | R-005 |
| Debt/funding covenants | Controls runway, growth headroom and default risk | EIB and warehouse/securitization agreements | R-003 |
Scalapay's public product surface is well evidenced: BNPL Pay in 3/4, Pay Later, app, in-store, plugins and checkout expansion. Adoption, reliability, margins and roadmap execution remain non-public.
partially verified confidence: high
Public sources describe BNPL installments, app/account tools, in-store flows, Magic checkout and broad ecommerce integrations; growth rates, market share and profitability are not public.
| product or channel | public description | evidence strength | open question |
|---|---|---|---|
| Pay in 3 | Interest-free installments marketed on homepage and processor docs | High for public availability | Actual GMV, approval and loss rates |
| Pay in 4 / Pay Later | Named in Series B and Stripe/PPRO docs | Medium-high | Country/product eligibility and fee model |
| Magic checkout | Series B release says Scalapay entered checkout market | Medium | Current adoption, roadmap and economics |
| Consumer app | Google Play listing shows store discovery and account/payment management | Medium | MAU, retention and app-store quality |
| platform or path | evidence | constraint or signal | diligence action |
|---|---|---|---|
| Major platform plugins | BigCommerce, Magento, Salesforce, SAP Hybris, Shopify, VTEX, WooCommerce and others listed | Broad distribution coverage | Request active merchants and GMV by platform |
| WooCommerce | 5 euro minimum and authorized country list | Rules vary by amount and country | Review contract-based eligibility and exception handling |
| Shopify | Two mandatory apps and API key activated by Integration Manager | Manual support/activation burden | Measure onboarding time and support tickets |
| Custom/merchant portal | Production API key and merchant token in partner portal | Developer workflow and credentials management | Security review for API keys and merchant onboarding controls |
Public customer evidence shows recognizable brands and growing network claims, plus strategic partners. It does not disclose top customers, revenue concentration, churn, supplier agreements or severed relationships.
partially verified confidence: medium
Public sources name merchants/brands and counts, but no top-15 customer list or purchase timing is public.
| source | scale or logos | verification status | diligence need |
|---|---|---|---|
| EIB | Over 11M users; more than 10,000 partner brands; Douglas, Lastminute.com, OVS, Alpitour, Veralab, JD Sport | High for EIB statement | Active users, active merchants and GMV by merchant |
| Homepage | Trusted by over 1,500 merchants; logos such as Calzedonia, Pinalli, Liu Jo, Twinset, Veralab | Medium company claim | Logo permissions, active status and contract terms |
| Marqeta | >5M users, >5,000 stores and 7,000 POS locations in 2023 | High for partner statement | Definitions and trend reconciliation |
| Series A release | 3,000+ merchants and fashion brands named | Medium company release | Revenue concentration and churn |
partially verified confidence: medium
Marqeta, EIB and PSP/orchestrator relationships are public; revenue contribution, exclusivity details and marketing terms are not.
| relationship | public terms | strategic value | open risk |
|---|---|---|---|
| Card issuing/in-store enablement | Marqeta five-year exclusive virtual-card issuing contract | Enables online/in-store BNPL acceptance across Europe | Exclusivity, pricing, resiliency and termination not public |
| EIB financing | €70M Scale-Up Debt for technology, security and product/service quality | Non-dilutive pre-IPO funding and institutional validation | Covenants and drawdown conditions not public |
| Stripe/PPRO distribution | Third-party docs support Scalapay as payment method | Can expand PSP/orchestrator distribution | Volume share, commercial terms and eligibility unknown |
not publicly verifiable confidence: high
No revenue-by-customer data is public; network counts and merchant logos are not sufficient for concentration analysis.
not publicly verifiable confidence: low
No public source identified severed customer, partner or supplier relationships; this remains a management/counsel diligence item.
partially verified confidence: medium
Marqeta, processors, banks, PSPs and risk-data dependencies are visible; spend, contracts and concentration are private.
| dependency | public evidence | diligence issue | risk id |
|---|---|---|---|
| Marqeta virtual cards | Five-year exclusive card issuing relationship | Issuer dependency, pricing, SLAs and contingency | R-006 |
| Payment processors/banks | Director of Payments role owns multi-processor infrastructure and banking relationships | Cost, routing, vendor governance and outage resilience | R-006 |
| Risk/fraud data feeds | PPRO docs request IP, UserAgent, billing address and CRM profile for risk scoring | Data quality, privacy basis and model performance | R-005 |
Scalapay operates in a competitive BNPL/checkout market with wallet-scale and regional alternatives. Public evidence is enough to frame competitors, but not to assess win/loss, take-rate compression or market share.
partially verified confidence: medium
PayPal Pay Later and Alma illustrate credible alternatives to Scalapay's merchant proposition; PSP/orchestrator channels can be both partners and distributors of competitors.
| provider | public positioning | overlap with scalapay | diligence angle |
|---|---|---|---|
| Scalapay | Southern Europe BNPL, Pay in 3/4, checkout and in-store | Target | Validate differentiation through merchant win/loss and take-rate |
| PayPal Pay Later | Pay in 4 and Pay Monthly for merchants with PayPal distribution | Wallet/checkout alternative | Assess merchant cost, approval rates and consumer preference vs wallet scale |
| Alma | Stripe documents Alma in France, Italy, Spain, Netherlands, Belgium and Luxembourg with pay in 2/3/4 | European BNPL alternative | Assess regional overlap and merchant pricing pressure |
| Card issuers/PSPs | Payment platforms can bundle financing or local payment methods | Substitute or channel partner | Map PSP contracts and channel conflict |
| dimension | scalapay public signal | benchmark needed | risk id |
|---|---|---|---|
| Merchant economics | Company claims merchant fee model and uplift | Net take-rate after losses, PSP costs and incentives | R-001 |
| Approval and risk | Risk-data requirements and credit-risk hiring | Approval/default/fraud by cohort vs competitors | R-005 |
| Distribution | Many plugins and PSP docs | Active merchants, time-to-live and channel productivity | R-011 |
| Consumer demand | 1M+ Google Play downloads and 11M user claim | MAU, repeat rate and NPS by country | R-008 |
Scalapay's GTM appears multi-channel: direct merchant sales/account management, platform integrations, consumer app/store discovery and PSP distribution. Productivity, pipeline and budget ability are not public.
partially verified confidence: medium
Public GTM signals include merchant logos, platform plugins, app discovery, marketing/job postings and press releases; implementation effectiveness is private.
| channel | public signal | strength | missing kpi |
|---|---|---|---|
| Direct enterprise/merchant sales | Enterprise Sales, Account Manager and Head of Account Management roles | Commercial hiring signal | Pipeline, quota attainment, sales cycle |
| Platform plugins | Plugin catalog across major ecommerce platforms | Scalable merchant acquisition path | Activation conversion and platform GMV |
| Consumer app/store discovery | App store listing and homepage store directory/category browsing | Consumer demand aggregation | MAU, retention, referral conversion |
| PSP/orchestrator distribution | Stripe and PPRO docs | Embedded payment channel | Volume through each PSP |
partially verified confidence: medium
Public brand lists and scale claims indicate merchant traction but do not reveal major-customer relationship health, growth prospects or pipeline.
partially verified confidence: medium
New business appears to come from direct sales/account teams, ecommerce plugins, PSP channels, app discovery and partnerships.
not publicly verifiable confidence: medium
Open roles confirm sales/account hiring, but compensation, quotas, ramp, attainment and sales cycle are not public.
| metric | public evidence | status | diligence request |
|---|---|---|---|
| Sales headcount and quota | Open sales/account roles | Not quantified | Rep roster, quota, ramp and attainment |
| Pipeline and conversion | Merchant counts only | Not public | Pipeline by stage, win rate, churn and expansion |
| Marketing efficiency | Growth Marketing Specialist role and public brand/PR campaigns | Not public | CAC, channel spend, payback and LTV |
not publicly verifiable confidence: medium
Public sources do not disclose marketing budget or CAC/payback; EIB financing and hiring signal resources but not budget sufficiency.
R&D signals center on payments infrastructure, risk/underwriting, compliance automation, integrations, app/checkout and security. Exact engineering organization, roadmap cost and delivery status are non-public.
partially verified confidence: medium
Job postings and developer docs point to payment infrastructure, risk, compliance automation and integration work, but org size and key personnel are not fully public.
| area | public signal | diligence question | risk id |
|---|---|---|---|
| Payments platform | Director of Payments role across infrastructure, processors, banking and SEPA | What is current architecture and uptime/SLA history? | R-006 |
| Risk/underwriting | Credit Risk Analyst role and PPRO risk-data fields | What models, monitoring and overrides govern approval? | R-005 |
| Compliance automation | Compliance & AML process automation/data analysis role | How mature are AML controls and audit trails? | R-004 |
partially verified confidence: medium
Public pipeline signals include Magic checkout, technology/security investment from EIB financing and hiring around subscriptions/payments/risk; cost, timing and risks are not public.
| pipeline item | public signal | stage inference | open question |
|---|---|---|---|
| Magic checkout | Series B release says Scalapay entered checkout market | Announced product expansion | Current adoption and revenue contribution |
| Payment product/security enhancements | EIB proceeds targeted product, technology, security and service quality | Funded R&D roadmap | Milestones, budget and delivery risk |
| Subscription / consumer lending expansion | Senior Product Manager - Subscription and lending-expansion references in payments role | Potential adjacent product work | Regulatory classification and credit risk |
Public evidence identifies founders/leaders, multi-country footprint, LinkedIn headcount range and active hiring. Formal org chart, biographies, compensation, incentive plans, employee relations and turnover remain private.
partially verified confidence: medium
A public org chart is not available; job descriptions reveal reporting signals around CTO, CEO and Scalapay IP governance.
partially verified confidence: medium
LinkedIn and press releases provide directional headcount/location signals, but historical/projected headcount by function and location is not public.
| source | headcount or location signal | diligence value | caveat |
|---|---|---|---|
| 201-500 employees; 257 listed employees; Dublin HQ; Milan, Wollongong, Paris, Barcelona locations | Directional operating scale | LinkedIn not authoritative HRIS | |
| Series A release | Team over 150 in 2021 | Historical growth marker | Outdated and company-published |
| Greenhouse | Open roles in Milan and Paris across account, sales, risk, compliance, payments, product | Current hiring priorities | Open roles not total planned hires |
partially verified confidence: medium
Public sources identify Simone Mancini and co-founders/founding team, but full biographies, ages, tenure and employment histories were not compiled from authoritative profiles.
| person or role | public evidence | verification | follow up |
|---|---|---|---|
| Simone Mancini, CEO/co-founder | EIB CEO quote; Series B/founding references | High for public role | Full biography, employment agreement and equity |
| Johnny Mitrevski, co-founder | Series B release founding team reference | Medium | Current role, biography and equity |
| Raffaele Terrone, Daniele Tessari, Mirco Mattevi | Series B release says founding team includes these names | Medium | Current employment, responsibilities and retention |
| CTO / CEO of Scalapay IP interfaces | Director of Payments role reports to CTO and matrix to CEO of Scalapay IP | Medium for role existence | Current org chart and regulated-entity governance |
not publicly verifiable confidence: low
No compensation arrangements, employment agreements or benefit plans were public; job pages disclose role expectations but not pay economics.
| area | public signal | missing material | priority |
|---|---|---|---|
| Compensation and benefits | Careers/job pages describe culture and role requirements | Salary bands, variable comp, benefits and employment agreements | High |
| Incentive stock plans | No public plan documents found | Option plan, grants, vesting, option pool and refresh policy | High |
| Turnover/employee relations | No authoritative turnover or dispute data in public sources | Attrition by function, engagement surveys, employee disputes and litigation | Medium |
not publicly verifiable confidence: low
No incentive stock plan documents were public despite financing and unicorn valuation claims.
not publicly verifiable confidence: low
No authoritative public evidence of significant employee-relations problems was reviewed; informal web content was not used as evidence.
not publicly verifiable confidence: medium
Personnel turnover and retention metrics are not public; LinkedIn and job openings are only directional signals.
Public legal diligence confirms regulated-entity claims, GDPR/privacy posture, EU BNPL/DORA context and one registered UK trademark. Litigation, official dockets, insurance, material contracts and full IP searches remain incomplete.
inconclusive confidence: low
A lightweight web search did not identify an obvious pending lawsuit, but official docket searches were not performed.
| category | public result | confidence | required follow up |
|---|---|---|---|
| Pending lawsuits against Scalapay | No obvious pending lawsuit surfaced in lightweight web search | Low/inconclusive | Counsel docket searches in Italy, EU/UK, Australia and other operating markets |
| Company-initiated lawsuits | Not identified in reviewed public-source set | Low/inconclusive | Official docket searches and management litigation schedule |
| Consumer complaints/reviews | Search results include review/complaint pages, not legal determinations | Low | Complaint metrics, regulator complaints and dispute-resolution logs |
This table is not a legal-docket search and should not be relied on as litigation clearance.
inconclusive confidence: low
No company-initiated lawsuits were identified in reviewed public sources; official searches are still required.
not publicly verifiable confidence: low
Direct environmental exposure appears low for a software/fintech company, but workplace safety and regulatory-change impacts are not publicly documented.
| topic | public evidence | assessment | follow up |
|---|---|---|---|
| Environmental liabilities | No manufacturing, facilities or environmental claims in reviewed public sources | Likely low direct environmental exposure for software/fintech, but not verified | Request leases, ESG/environmental policies and incident history |
| Employee safety / workplace | Careers pages show office-based hiring in Milan/Paris; no safety disclosures located | Office/workplace compliance remains non-public | Request workplace policies, health/safety incidents and remote-work compliance |
| New regulations impact | DORA/GDPR/PCI and EU consumer credit references are active issues | Regulatory change is more material than environmental exposure | Review legal/regulatory roadmap and remediation budget |
partially verified confidence: medium
UKIPO confirms one registered SCALA trademark owned by Scalapay S.r.l.; full patent/trademark/open-source/license diligence was not completed.
| asset | public record | owner or status | diligence need |
|---|---|---|---|
| SCALA trademark UK00003690900 | UKIPO record, registered, Class 9 and 36 | Scalapay S.r.l.; registered | Full EUIPO/WIPO/Italian trademark search and assignments |
| Scalapay brand/domain/software | Company terms reserve platform and account infrastructure | Company-controlled per terms | IP assignment agreements, open-source review and domain portfolio |
| Cabel IP acquisition | Careers timeline references acquisition | Company claim; details not reviewed | Purchase agreement, acquired licenses/IP and regulatory approvals |
not publicly verifiable confidence: low
No insurance schedule or coverage evidence was public; cyber, D&O, E&O, crime/fraud and credit/operational loss coverage must be verified.
| contract or exposure | public signal | why material | request |
|---|---|---|---|
| Marqeta contract | Five-year exclusive virtual-card issuing agreement | Critical issuing/acceptance dependency | Full agreement, pricing, SLAs, termination, data/security terms |
| EIB and funding facilities | €70M Scale-Up Debt and securitization references | Liquidity/covenant/funding-cost exposure | Facility, covenant model, security package and compliance certificates |
| Merchant agreements | Integration docs and product eligibility tied to contractual terms | Revenue, chargeback, refund and dispute economics | Standard merchant agreement, top-customer contracts and side letters |
| Insurance | No insurance coverage evidence located | Cyber, E&O, D&O and credit/operational loss exposure | Insurance schedule, claims history and coverage gaps |
partially verified confidence: medium
Material public contracts/categories include Marqeta, EIB/funding, merchant agreements and platform terms; full agreements are private.
partially verified confidence: medium
Public evidence confirms regulated payment-institution posture and relevant EU BNPL/DORA/GDPR context; no regulator problem schedule was public.
| domain | public evidence | exposure | diligence action |
|---|---|---|---|
| Payment institution | Terms identify Scalapay IP as Italian payment institution supervised by Bank of Italy | Licensing, safeguarding, governance and reporting | Verify register, licenses, passporting and regulator correspondence |
| Consumer credit / BNPL | EU Directive discusses BNPL schemes and consumer protection | Affordability, disclosures, creditworthiness, fees and national implementation | Country-by-country product classification memo |
| Operational resilience / PCI / GDPR | Job postings reference DORA, PCI-DSS, GDPR; privacy policy references GDPR | ICT risk, data protection, card/payment security and incident reporting | Review DORA plan, PCI AoC, DPIAs and incident history |
| AML/KYC | KYC/AML and compliance automation roles | Customer identity, sanctions, transaction monitoring and audit | Review AML program, audits, SAR/STR statistics and policy exceptions |
| ID | Claim | Status | Sources |
|---|---|---|---|
| EC-001 | CB Insights lists Scalapay as a private unicorn with a $1B valuation dated 2022-02-23. | verified high | SRC-001 |
| EC-002 | Scalapay announced a $48M seed round in January 2021 and claimed 1,000 merchants across France, Italy and Germany. | partially verified medium | SRC-002 |
| EC-003 | Scalapay announced a $155M Series A at a $700M valuation in September 2021, with 3,000+ merchants and disclosed uplift claims. | partially verified medium | SRC-003 |
| EC-004 | Scalapay announced a $497M Series B in February 2022 and positioned Magic as a checkout-market entry. | partially verified medium | SRC-004 |
| EC-005 | The EIB announced €70M Scale-Up Debt financing for Scalapay and cited over 11M users and more than 10,000 partner brands. | verified high | SRC-005 |
| EC-006 | Marqeta announced a five-year exclusive contract to issue virtual cards for Scalapay online and in-store BNPL across Europe. | verified high | SRC-006 |
| EC-007 | Scalapay publicly markets Pay in 3 interest-free instalments and shows availability across nine European countries on its homepage. | verified medium | SRC-007 |
| EC-008 | Scalapay terms identify Scalapay S.r.l. as platform provider and Scalapay IP S.p.A. as a supervised Italian payment institution. | verified high | SRC-008 |
| EC-009 | Scalapay publishes plugins and integration paths for major ecommerce platforms plus merchant-portal API key activation. | verified medium | SRC-009 |
| EC-010 | WooCommerce and Shopify docs show specific constraints: minimum amount, authorized countries, Shopify two-app flow and integration-manager activation. | verified medium | SRC-010SRC-011 |
| EC-011 | Stripe and PPRO document Scalapay as a BNPL method in EUR/EU markets with disputes, refunds and risk-data requirements. | verified high | SRC-012SRC-013 |
| EC-012 | Scalapay's LinkedIn profile signals 201-500 employees, 257 listed employees, Dublin HQ and offices in Milan, Wollongong, Paris and Barcelona. | partially verified medium | SRC-014 |
| EC-013 | Scalapay Careers claims a $1.9B valuation and provides historical launch/product milestones including Cabel IP acquisition. | partially verified medium | SRC-015 |
| EC-014 | Current job postings emphasize payments, credit risk, AML/compliance, account management, enterprise sales and integration operations. | verified medium | SRC-016 |
| EC-015 | Scalapay's Director of Payments job describes the company as a regulated Payment Institution with DORA, PCI-DSS and GDPR obligations. | partially verified medium | SRC-016 |
| EC-016 | EU Consumer Credit Directive 2023/2225 expressly discusses buy-now-pay-later schemes and consumer protection. | verified high | SRC-017 |
| EC-017 | DORA applies digital operational resilience obligations across EU financial entities including payment institutions and ICT risk management. | verified high | SRC-018 |
| EC-018 | Google Play lists Scalapay's consumer app with 1M+ downloads and account/payment-management features. | verified medium | SRC-019 |
| EC-019 | PayPal and Alma provide credible BNPL alternatives for merchants, underscoring intense competition in installment checkout. | verified medium | SRC-020SRC-024 |
| EC-020 | No audited income statement, balance sheet, cash flow, GMV, revenue, loss-rate, CAC or cohort data were found in the reviewed public sources. | not publicly verifiable high | SRC-001SRC-002SRC-003SRC-004SRC-005 |
| EC-021 | Debt facility economics and financing stack are not public despite the EIB announcement. | partially verified high | SRC-005SRC-016 |
| EC-022 | Public customer/logo and brand counts do not disclose revenue concentration, churn, renewal terms or merchant-level economics. | partially verified medium | SRC-005SRC-006SRC-007SRC-014 |
| EC-023 | A lightweight public web search did not surface an obvious pending Scalapay lawsuit, but official court docket searches were not performed. | inconclusive low | SRC-023 |
| EC-024 | Scalapay's privacy materials state GDPR processing commitments and identify Scalapay as data controller. | verified medium | SRC-021 |
| EC-025 | Scalapay terms require registration, valid payment method, OTP handling and permit identity/selfie checks for fraud protection. | verified high | SRC-008 |
| EC-026 | UKIPO records a registered SCALA trademark owned by Scalapay S.r.l. covering payment software and financial/payment services classes. | verified high | SRC-022 |
| EC-027 | The Director of Payments role exposes material payment economics, processor, banking, SEPA, securitization and vendor-governance dependencies. | verified medium | SRC-016 |
| EC-028 | Scalapay's public scale indicators increased across company/partner sources, but the metrics are heterogeneous and not audited. | partially verified medium | SRC-002SRC-003SRC-005SRC-006 |
| EC-029 | Scalapay's merchant-funded model is publicly described, but realized take rate, approval rate and credit loss are not public. | partially verified medium | SRC-002SRC-014SRC-016 |
| EC-030 | The public evidence supports active European operations but leaves entity-by-entity licensing, passporting and product classification unresolved. | partially verified medium | SRC-008SRC-012SRC-013SRC-016SRC-017 |
This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.