Italian Fintech Startup Qomodo Receives €34.5m Seed Funding

Published 5 months ago

Italian fintech startup Qomodo has secured €34.5m in seed funding in a round led by Fasanara Capital. The company is focused on delivering a suite of smart payment solutions to brick-and-mortar retailers, including a Buy Now Pay Later (BNPL) option for essential yet unexpected expenses.

Qomodo: Changing the Landscape of Physical Retail

Qomodo was founded by Gianluca Cocco and Gaetano De Maio, entrepreneurs with successful exits in Europe between 2018 and 2022. The fintech positions itself as a simplifier, aiding retailers to expand their businesses through immediate, secure, and transparent collections. It also presents opportunities for customers to spend more through interest-free installments.

The company’s mission is to solve the problem of limited flexible payment options offered by physical stores, which puts them at a disadvantage compared to their online competitors. Qomodo’s services streamline customer payments, allowing retailers to concentrate on their operations.

The company has described itself as an ‘all-in-one’ payment methods aggregator, designed to help merchants safeguard and expand their cash flow. They offer options for BNPL payments to customers, in addition to one-time payments, focusing on merchants providing services for essential yet often unforeseen expenses.

The Market Responds to Qomodo

Over 500 merchants adopted Qomodo during its stealth mode operation, and several agreements are in progress to onboard thousands of physical retailers in the coming months through API-based integration. These figures include both independent businesses and major retail chains.

Founders’ Comments on Qomodo’s Success

Gianluca Cocco, CEO and co-founder of Qomodo, expressed that the company offers merchants all the payment solutions they need today. He stated that they aim to bring the advantages of online payments to physical stores, focusing on essential expenses that significantly impact people’s lives.

Gaetano De Maio, COO and co-founder of Qomodo, emphasized the company’s role in simplifying customer payments. He mentioned the BNPL option without interest and costs as a way to make services more accessible, especially in the world of physical stores.

Investor Confidence in Qomodo

Francesco Filia, CEO of Fasanara Capital, expressed confidence in the Qomodo team and their vision for a nascent market with substantial growth potential. Antonio Assereto, CEO of Proximity Capital, echoed this sentiment, and Davide Fioranelli, CEO of Lumen Ventures, highlighted Qomodo’s unique position in the fintech space, transforming the experience for merchants and consumers in physical stores.

This seed funding round is one of Italy’s most significant to date. It has attracted an assembly of local and global venture capital firms, including Exor Ventures, Proximity Capital, Ithaca Investment, Lumen Ventures, The Techshop, Primo Ventures, and others.