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People are seen in front of the Tencent company headquarters in Shenzhen, Guangdong province, China August 7, 2020. REUTERS/David Kirton/

Clifford Chance has advised Tencent on its role as lead investor in the $497 million Series B equity financing of Italian buy-now-pay-later firm Scalapay, which was advised by Orrick, Herrington & Sutcliffe. The funding round makes Scalapay the first unicorn in Italy.

Founded in 2019, the Milan-headquartered Scalapay has already landed clients such as Shein, Moschino, Samsonite, Nike, and Pandora. 

The CC team was led by partner Bryan Koo, who was supported by partners Claudio Cerabolini, Lucio Bonavitacola, Frédérick Lacroix, Laurent Schoenstein, and Marc Benzler. Meanwhile, the Orrick team was led by partners Attilio Mazzilli and Shawn Atkinson.

Other investors in this funding round included Tiger Global, Gangwal, Moore Capital, Deimos, and Fasanara Capital. 

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