Funding

[Funding alert] Milan-based Fintech Startup Qomodo Secures €34.5 Million in Funding

Nov 7, 2023 | By Startup Rise EU

Fintech firm Qomodo, based in Milan, secures €34.5 million. Leading this round was Fasanara Capital. Physical shops will now have access to a range of intelligent ways to pay from Qomodo, including a formula for important but frequently unforeseen expenses which enables for both immediate payment and a reduction in turnover.

Fintech firm Qomodo, based in Milan, secures €34.5 million. Leading this round was Fasanara Capital. Physical shops will now have access to a range of intelligent ways to pay from Qomodo, including a formula for important but frequently unforeseen expenses which enables for both immediate payment and a reduction in turnover.

Positioned as a “simplifier,” Qomodo makes it simpler for retailers to grow their businesses by guaranteeing prompt, safe, and transparent payments. Interest-free installments additionally give their devoted clients more opportunities to spend.

Read also - UK-based Globacap Secures $21Million Series B Round Funding

By giving physical stores the resources they need, such as its Buy Now Pay Later option, Qomodo aims to level the playing field. In addition, physical and mortar establishments are now forced to deal with issues like handling consumer payments, which stresses them out and makes it difficult for them to concentrate on their primary business. This process is streamlined by Qomodo, freeing up retailers to concentrate on their businesses.

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Qomodo has set out to fix this issue. It markets itself as a "all-in-one" aggregator of payment methods for the digital payments market, enabling physical business owners to protect and increase their financial position and provide clients with both one-time and buy-now-pay-later payment options.

Gianluca Cocco, CEO and co-founder of Qomodo, commented: “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. Qomodo aims to bring the advantages of online payments to physical stores, focusing on essential expenses that significantly impact people’s lives. 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”.

Francesco Filia, CEO of Fasanara Capital, commented: “Buy Now Pay Later has revolutionized online shopping in recent years. Qomodo is placing this technology at the service of physical retail in previously underserved sectors, offering additional payment solutions that enhance the experiences of both stores and consumers. We have great confidence in the team put together by Gianluca and Gaetano in a nascent market offering substantial growth potential.”

To date, this is one of Italy's biggest pre-seed funding rounds. The following group of regional and international venture capital companies participated in the round:

The Techshop, Primo Ventures, Exor Ventures, Proximity Capital, Ithaca Investment, Lumen Ventures, and the early-stage initiatives of Notion Capital, Octopus Ventures, and Plug&Play. Many well-known angel investors include: Freddy Kelly (Credit Kudos), Christer Holloman (Divido), Andrea Gennarini, Giuseppe Lacerenza, Pietro Invernizzi, Serge Chiaramonte, William Neale, Mark Ransford, Luca Ascani, Attilio Mazzilli, Simone Mancini (Scalapay), Benedetta Arese Lucini, Kai Hansen (Lieferando), Giorgio Tinacci (Casavo), Stiven Muccioli (BKN301), Benedetta Arese Lucini, Kai Hansen (Lieferando), and Giorgio Tinacci (Casavo).

About Qomodo

Qomodo was Founded in 2023 by Gianluca Cocco and Gaetano De Maio, two businessmen who successfully exited the European market in 2018 and 2022, the company has a history of boosting physical shop turnover in Italy by distributing new digital items.

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