Pioneering brewery management software start-up Abbl is recipient of unicorn status Scalapay’s inaugural $10,000 Scale Up Scholarship
Quiet Australian fintech Scalapay has launched a new $10,000 scholarship program to support founders as they take their startup to the next level.
The Wollongong-headquartered buy now pay later (BNPL) became a $1 billion+ valuation “unicorn” in 2021 after US VC Tiger Global backed its $210 million series A. Just five months later, the business bagged a staggering $692 million Series B. But unlike other local fintechs, Scalapay is not a household name here, because its focus is the European market.
Scalapay was founded in 2019 by University of Wollongong engineering alumni Johnny Mitrevski, Simone Mancini, and is now one of Europe’s most important payment companies.
Johny Mitrevski, the fintech’s chief technical officer, said Scalapay Scale Up Scholarship is a way of giving back after that success.
The inaugural recipient of the $10,000 award is another Wollongong resident, brewery management software startup Abbl, which Lucy Timpano and Phil O’Shea, the creators of Wollongong’s Five Barrel Brewing, launched last year
Timpano said they were thrilled to be selected.
“Through this program, we hope to learn how to take our business from its infancy to be a global leader,” she said.
“Scalapay has learned many lessons in growth and scaling that we feel will be able to help us immensely.”
Mitrevski said the scholarship will provide the Abbl team with a residency at the University of Wollongong’s business incubator program iAccelerate, alongside mentorship advice and support from the Scalapay team.
“In an age where technology is re-shaping industries at an unprecedented pace, it’s inspiring to witness individuals and companies who are not just keeping up, but also pushing the boundaries of innovation,” he said.
“The journey of Abbl showcases the transformative power of fintech to catalyse progress, empower businesses, and shape a more inclusive efficient future.”
Scalapay now employs 190 people across six countries, with a core tech team of 35 in Wollongong.