Revolutionizing In-Store Payments: Qomodo’s Innovative Approach
In recent years, the digital payment landscape has been largely dominated by solutions tailored for online e-commerce. However, a crucial question arises – what about physical retail stores? Enter Qomodo, a Milan-based company determined to disrupt this space. Founded in 2023 by entrepreneurs Gianluca Cocco and Gaetano de Maio, Qomodo has quickly made waves in the financial sector.
Significant Funding for Ambitious Expansion
Qomodo started strong with a €34.5 million ($36.9 million) pre-seed round, primarily debt-focused, aiming to extend the Buy Now, Pay Later (BNPL) model beyond its traditional online boundaries. Recently, they succeeded in securing an additional €13.5 million ($13.9 million) in Series A funding. This round was co-led by RTP Global and LMDV Capital, and featured contributions from Proximity Capital, Primo Capital, and other prominent investors like the founders of FACEIT, Fiscozen, and Freetrade through Lumen Ventures.
“Italy has been waiting for a B2B fintech champion and that’s why we are delighted to back Qomodo,” remarked Louis Dussart, VP Europe at RTP Global. “There’s a huge opportunity given Italy’s significant domestic market and standing as the ‘nation of SMBs’.”
– Louis Dussart
Empowering Physical Merchants with BNPL
Qomodo’s vision is clear: empower small businesses by enhancing their cash flow and boosting revenue through their BNPL solution. This innovative service allows consumers to make flexible, interest-free installments on in-store purchases. As a result, retailers benefit from increased sales while minimizing customer credit risks.
CEO Gianluca Cocco explained, “Our software simplifies merchant transactions to help reduce payment fees and streamline operations. Essentially, we’re digitizing SMBs that have been overlooked by FinTech within the physical retail sphere.”
A Comprehensive Financial Ecosystem
Describing their approach as “360 degrees,” Cocco highlighted that Qomodo goes beyond just BNPL and POS solutions. Plans are underway to introduce additional banking products such as cards and bank accounts. This strategy positions them uniquely in a market where traditional financial institutions predominantly offer personal loans or conventional banking products.
Strategic Partnerships and Future Prospects
Qomodo has already forged partnerships with renowned brands like Decathlon, Calzedonia, Moschino, Samsonite, Nike, and Pandora. By focusing on physical merchants—a segment often neglected by FinTech—Qomodo aims to transform the shopping experience for both retailers and consumers.
This innovative approach not only aligns with Italy’s extensive network of small and medium-sized businesses but also sets the stage for Qomodo to become a pivotal player in redefining in-store financial solutions.
