Qomodo, a Milan, Italy-based provider of payment solutions to physical retailers, raised €34.5M in Pre-Seed funding.
The round was led by Fasanara Capital, with participation from Notion Capital, Exor Ventures, Proximity Capital, Exor Ventures, Proximity Capital, Ithaca Investment, Lumen Ventures, The Techshop, Primo Ventures, Notion Capital, Octopus Ventures, and Plug&Play. Angel investors included Mark Ransford, Luca Ascani, Attilio Mazzilli, Simone Mancini, Benedetta Arese Lucini, Kai Hansen, Giorgio Tinacci, Stiven Muccioli, Freddy Kelly, Christer Holloman, Raffaele Terrone, Andrea Gennarini, Giuseppe Lacerenza, Pietro Invernizzi, Serge Chiaramonte, and William Neale also participated.
The company intends to use the funds to expand operations and its business reach.
Co-founded in 2023 by Gianluca Cocco and Gaetano De Maio, Qomodo provides a Buy Now Pay Later suite that enables businesses to get paid instantly, while enabling customers to pay in interest free installments all the essential expenses in physical stores.
The payment methods offered are:
- “Pay over time“: Qomodo’s Buy Now Pay Later formula for interest-free installment payments. Customers can choose an installment plan and receive approval in approximately 30 seconds, without the need for payslips or other paper documents.
- “Pay now“: A state-of-the-art smartPOS that accepts traditional credit/debit cards from major circuits such as Mastercard, VISA, and local options.
- “Pay now remotely“: An online checkout that allows remote payment collection via pay-by-link (e.g., for product sales or remote service assistance) or with “Tap-to-phone” a cutting-edge technology that transforms any Android smartphone into a card reader (referred to as “SoftPOS”) to accept contactless payments.
It serves as a “simplifier,” enabling stores to expand their operations by ensuring secure, and transparent collections and enhancing the spending potential of their loyal customers. Simultaneously, it facilitates the growth and retention of their customer base by incentivizing customer loyalty and repeat business.
Over 500 merchants adopted Qomodo during its stealth mode operation. Additionally, several agreements are in progress, set to onboard thousands of physical retailers in the coming months through API-based integration.
FinSMEs
07/11/2023