Qomodo Secures $13.9M to Revolutionize BNPL Solutions for Italy’s Main Street Retailers

In the ever-evolving landscape of payments and financial solutions, physical stores have often been overlooked compared to their online counterparts. However, in 2023, Qomodo, a Milan-based all-in-one payment methods aggregator, has emerged to bridge this gap for physical merchants. Recently, the company secured €13.5 million ($13.9 million) in Series A funding, bringing its total funding to €48 million ($49.6 million), including a substantial pre-seed round.

Qomodo’s Innovative Approach to BNPL

Founded in 2023 by entrepreneurs Gianluca Cocco and Gaetano de Maio, Qomodo aims to revolutionize the way small businesses handle transactions. The company currently serves approximately 2,500 physical merchants, mainly in Italy, offering a Buy Now, Pay Later (BNPL) solution that allows consumers to make flexible, interest-free payments for in-store purchases.

Benefits of Qomodo’s BNPL Solution

• Improved Cash Flow: Small businesses can enhance their cash flow and increase revenue.
• Increased Sales: Retailers are more likely to close sales with flexible payment options.
• Reduced Credit Risk: The BNPL model minimizes the credit risk associated with customer purchases.

Funding Success and Future Plans

Qomodo’s Series A funding round was co-led by RTP Global and LMDV Capital, with contributions from Proximity Capital and Primo Capital. Notable investors such as the founders of FACEIT, Fiscozen, and Freetrade also participated, reflecting strong confidence in Qomodo’s vision.

According to CEO Gianluca Cocco, the company’s software is designed to simplify merchant transactions, thereby reducing payment fees and streamlining operations for small and medium-sized businesses (SMBs). He emphasizes that Qomodo is dedicated to supporting SMBs that have been overlooked by traditional FinTech solutions.

A Comprehensive Financial Ecosystem

Cocco also revealed that Qomodo is not stopping at BNPL and POS solutions; the company plans to introduce additional banking products such as cards and bank accounts. This comprehensive approach aims to meet the diverse needs of physical merchants.

Market Opportunity in Italy

Louis Dussart, VP of Europe at RTP Global, expressed enthusiasm for Qomodo’s potential, stating, “Italy has been waiting for a B2B fintech champion. There’s a huge opportunity to revolutionize and enhance in-store shopping experiences for both retailers and consumers.”

Qomodo has already established partnerships with prominent retailers, including Decathlon, Calzedonia, Moschino, Samsonite, Nike, and Pandora, showcasing its growing influence in the retail sector.

As Qomodo continues to expand its offerings, it positions itself as a leader in the financial solutions market for physical merchants, paving the way for a new era of in-store shopping experiences.