Italian fintech Qomodo raises a whopping €34.5M in pre-seed funding

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Milan-based Qomodo, a fintech startup, announced that it has secured €34.5M in a pre-seed round of funding.

Qomodo simplifies retail transactions by enabling immediate, secure, and transparent collections for retailers. The fintech startup also enhances customer loyalty by offering interest-free instalments and expanding spending opportunities for shoppers.

The startup claims to have achieved one of Italy’s largest pre-seed funding rounds, attracting support from both local and global venture capital firms.

Investors supporting Qomodo

London-based Fasanara Capital led the round. The investors also include Exor Ventures, Proximity Capital, Ithaca Investment, Lumen Ventures, The Techshop, and Primo Ventures, along with early-phase programmes of Notion Capital, Octopus Ventures, and Plug&Play.

Regarding the investment in Qomodo, Davide Fioranelli, CEO of Lumen Ventures says, “While many companies may underestimate the potential of distributing fintech products through offline channels, Qomodo stands out as an exceptional opportunity.”

“Two key factors underpin this success: proprietary scoring technology and a unique position as a ‘cash-in software’. This innovative approach is transforming the experience for both merchants and consumers in physical stores, particularly during ‘the purchases that matter’.”

“Qomodo’s forward-thinking approach and the team’s proven track record make it a compelling investment opportunity in the fintech space.”

Besides VC, the round also saw participation from angel investors including Mark Ransford, Luca Ascani, Attilio Mazzilli, Simone Mancini (Scalapay), Benedetta Arese Lucini, Kai Hansen (Lieferando), Giorgio Tinacci (Casavo), Stiven Muccioli (BKN301), Freddy Kelly (Credit Kudos), Christer Holloman (Divido), Raffaele Terrone (Scalapay), Andrea Gennarini, Giuseppe Lacerenza, Pietro Invernizzi, Serge Chiaramonte, and William Neale.

Qomodo teleports merchants into the digital future

Founded in 2023 by Gianluca Cocco and Gaetano De Maio, Qomodo aims to provide smart payment solutions to physical retailers, offering services such as Buy Now Pay Later options for essential and unforeseen expenses. 

By streamlining payment processes, the company enables retailers to focus on their core operations and compete with online stores.

Qomodo claims to act as an “all-in-one” payment methods aggregator, including one-time payments. The startup targets merchants dealing with essential and higher-value expenses, to enhance their financial flexibility and customer offerings.

Co-founder Gianluca Cocco says, “We’ve developed an “all-in-one” product that offers merchants all the payment solutions they need today: from SmartPOS for card acceptance to Buy Now Pay Later, Pay-by-Link, and Tap-to-Phone.”

“This way, we’re introducing innovation to many sectors that often suffer from technological delays and endure slow and bureaucratic processes.”

“Motivated by strong early market signals, investor trust, and international partner interest, we’ve assembled a team with fintech experience to capture the opportunity for growing our customer base by hundreds, even thousands, of new merchants each month,” adds Cocco.

The startup has over 500 merchants adopting its services during stealth mode. Agreements underway will integrate thousands of physical retailers, including independent businesses and major retail chains, through API-based integration in the coming months.

Qomodo’s three payment solutions

Qomodo’s payment suite enables stores to monitor their collection performance. The payment methods offered are:

  • Pay over time: a Buy Now Pay Later solution allowing customers to make interest-free instalment payments. Approval takes 30 seconds without the need for paperwork.
  • Pay now: It features a smartPOS system that accepts major credit/debit cards, including Mastercard, VISA, and local options.
  • Pay now remotely: It enables online payment collection through pay-by-link or with ‘Tap-to-phone’ technology, turning Android smartphones into contactless card readers (SoftPOS).

Co-founder Gaetano De Maio says, “Qomodo is a suite of tools to grow businesses, foster customer loyalty, and acquire new customers. Simultaneously, thanks to the Buy Now Pay Later option without interest and costs, consumers can fulfil their needs by accessing services that were previously inaccessible, especially in the world of physical stores.”

“In essence, we’re facilitating an easy and immediate transition to the digital realm, a landscape full of opportunities for many operators who have not yet embraced innovation in this direction.”

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Vishal Singh

Vishal Singh is a News Reporter and Social Media Marketing Lead at Silicon Canals. He covers developments in the European startup ecosystem and oversees the publication's social media presence. Before joining Silicon Canals, Vishal gained experience at the Indian digital media outlet Inc42, contributing to its growth with insightful content. Despite being a college dropout, his passion for writing has driven his career in journalism.

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