Payments and finance solutions are a dime a dozen at this point, but mostly for online e-commerce. What about physical stores? In 2023, Qomodo, a Milan-based “all-in-one” payment methods aggregator, came up with 34.5 million euros ($36.9 million). Pre-seed We cover expanding the BNPL model to other categories (mostly debt).
It has now raised €13.5 million ($13.9 million) in Series A funding. Proximity Capital, Primo Capital and FACEIT; It was co-led by RTP Global and LMDV Capital, with other notable investors including the founders of Fiscozen and Freetrade (later Lumen Ventures). That now means a total of €48 million ($49.6 million—so €18 million in equity, €30 million in debt financing).
Founded in 2023 by entrepreneurs Gianluca Cocco and Gaetano de Maio, Qomodo now claims to serve 2,500 physical merchants, mostly in Italy.
The idea is that Qomodo helps small businesses improve their cash flow and increase revenue with a BNPL solution that allows consumers to make flexible, interest-free installments on in-store purchases.
This means that retailers are able to sell more while at the same time reducing credit risk from customers.
Speaking to TechCrunch Gianluca Cocco, CEO and Co-Founder of Qomodo, said, “Our software makes it fundamentally easy for merchants to reduce transaction costs and streamline their operations. You could say we're digitizing SMBs what FinTech left behind in the physical world.”
“It's kind of a 360-degree approach,” he added. “We have a POS solution with BNPL but will launch other banking products like cards and bank accounts.”
Where there is no FinTech; Or in a place that doesn't exist at all: “Because this is about physical traders. usually Financial institutions offer personal loans and traditional loan products or banking products. So those are our main competitors.”
Louis Dussart, VP, Europe, RTP Global, commented: “Italy is waiting for a B2B fintech champion, so we are delighted to back Qomodo. With Italy's important domestic market and position as the 'nation of SMBs', there is a huge opportunity – for retailers and consumers alike – to revolutionize and improve in-store shopping experiences.”
Qomodo is Decathlon; Calzedonia, Moschino Samsonite It has already partnered with retailers like Nike and Pandora.