Buy Now, Pay Later (BNPL) options and faster ways to pay have revolutionized online shopping experiences.
But what about the physical merchants? Bricks and mortar retailers have largely been cut out from these fast and much-loved payment options. And this is a problem in economies with a higher proportion of small-to-medium enterprises, like Italy, where SMEs account for 80% of employment.
But Italian founders Gianluca Cocco and Gaetano de Maio are tackling the sub-optimal finance options for physical merchants with Qomodo – an “all-in-one” smart payment solution provider for traditional retailers.
We have co-led the company’s €13.5M Series A funding round with LMDV Capital. And you can read more about the raise in TechCrunch.
Qomodo tackles the gap
As former Foodora and SumUp employees, Gianluca and Gaetano know the fintech landscape in Italy well. They founded Qomodo in 2023 and have massive ambitions to make a macro-scale impact in Italy by digitising merchant finances and payments. They’ve experienced huge success and now serve over 2,500 SMBs in Italy.
Customers of Qomodo are the true winners. Its BNPL solution gives businesses the means to offer flexible payment solutions. For example, interest-free instalments on large one-off purchases like car repairs, medical fees or gym memberships.
Customers simply agree to a payment instalment quote and Qomodo handles the rest; paying the entire amount to the merchant and collecting monthly instalments from the customer. This means merchants can deliver a comparable shopping experience to online stores, without taking on credit risks.
Qomodo smart payment options also provide physical merchants with mobile in-store payment and pay-by-link offerings. It’s another win-win. Customers enjoy a more convenient shopping experience while retailers benefit from streamlined digital operations.
Leading the charge
In markets including the UK and France, local fintechs have shaken up payment landscapes and become massive success stories. Italy is primed for a similar shake-up, and Gianluca and Gaetano are the kind of visionaries to lead the charge.
Commenting on the Series A round, Louis Dussart, VP, RTP Global said: “There’s a huge opportunity, given Italy’s significant domestic market and standing as the ‘nation of SMBs’, to revolutionize and enhance in-store shopping experiences – for both retailers and consumers.
“Gianluca and Gaetano have the vision and the prior experience of scaling start-ups in the region to achieve this potential. We look forward to partnering with them at every stage of their journey.”
We can’t wait to see where Qomodo goes next. A fintech ecosystem to serve the Italian population is a force for good in Italy and Qomodo will be a key player in delivering this change.
