European Fintech Gains Momentum: Scalapay Secures Major Funding, OSL Expands from Milan
Today in finance, the European fintech landscape saw significant moves, with major funding secured by Italian scale-up Scalapay from the European Investment Bank and the European launch of Hong Kong-based fintech OSL. These developments signal growing investor confidence and a maturing ecosystem for digital finance across the continent.
What Happened
The European Investment Bank (EIB) announced a €70 million debt financing agreement with Scalapay, the Italian “Buy Now, Pay Later” (BNPL) fintech unicorn. This operation marks not only one of the largest single financings for an Italian fintech but is also the first time the EIB has directly backed an Italian unicorn under its TechEU Scale Up Debt program. The funding will enable Scalapay to accelerate its growth, expand its product offerings, and support more merchants and consumers across Europe.
According to StartupItalia, this move is part of the wider EIB strategy to foster innovation and scale-up potential within the EU, particularly in the fast-evolving fintech sector. The financing will provide Scalapay with the resources to further develop its proprietary technology and strengthen its position in the increasingly competitive BNPL market.
Meanwhile, OSL, a fintech company headquartered in Hong Kong and specializing in digital assets, announced its European expansion starting from Milan. The company has appointed Orlando Merone as General Manager to lead its new division, OSL Pay, dedicated to digital asset services. With this move, OSL aims to establish a strong foothold in the European market, leveraging Milan’s financial infrastructure and talent pool to drive adoption of digital asset payment solutions throughout the region.
Why It Matters
These developments represent a significant step forward for the European fintech ecosystem. The EIB’s €70 million investment in Scalapay demonstrates institutional confidence in the BNPL model and in Italian fintech innovation, setting a precedent for future support of high-growth startups. For Scalapay, this funding is likely to speed up product innovation and international expansion, helping the company compete with global BNPL players such as Klarna and Afterpay.
OSL’s decision to base its European expansion in Milan highlights the city’s growing reputation as a fintech hub. By launching OSL Pay, the company is signaling its intent to bring advanced digital asset infrastructure and compliance capabilities to European businesses, potentially accelerating mainstream adoption of digital payments and tokenized assets.
Both stories underscore the increasing interplay between traditional finance institutions and next-generation fintechs, as Europe aims to stay at the forefront of digital finance innovation in a competitive global landscape.
Key Stats
- €70 million: Debt financing secured by Scalapay from the European Investment Bank (EIB)
- 1st: This is the first EIB operation involving an Italian fintech unicorn under the TechEU Scale Up Debt program
- OSL: The Hong Kong-based fintech launches its European operations from Milan, appointing Orlando Merone as General Manager
- OSL Pay: New division dedicated to digital asset payment infrastructure for European businesses
What's Next
With fresh funding, Scalapay is expected to accelerate product development, expand its merchant network, and increase its presence in key European markets. The EIB’s support may also pave the way for additional investments in other promising European fintechs.
OSL’s entry into Europe, starting from Milan, could intensify competition in digital asset payments and infrastructure. The success of OSL Pay will depend on its ability to navigate European regulatory frameworks and offer compelling solutions to enterprises looking to integrate digital assets into their payment stacks.
Overall, these moves suggest a period of rapid evolution for European fintech, with increasing cross-border investments and the rise of new digital finance platforms. Stakeholders should watch for further funding rounds, product launches, and regulatory developments as the sector matures.