Payments and monetary options are two-a-penny at this level, however principally for on-line e-commerce. What about bodily shops? In 2023 Qomodo, a Milan-based “all-in-one” cost strategies aggregator for bodily retailers, got here out with a €34.5 million ($36.9 million) pre-seed spherical (principally debt), which we coated, to broaden the BNPL mannequin into different classes.
It’s now raised €13.5 million ($13.9 million) in a Series A funding. The spherical was co-led by RTP Global and LMDV Capital, with participation from Proximity Capital, Primo Capital in addition to different notable buyers together with the founders of FACEIT, Fiscozen and Freetrade (the latter by way of Lumen Ventures). That means it’s now raised €48 million in whole ($49.6 million — so, €18 million of fairness, €30 million of credit score facility).
Founded in 2023 by entrepreneurs Gianluca Cocco and Gaetano de Maio, Qomodo claims to now serve 2,500 bodily retailers, principally in Italy.
The thought is that Qomodo lets small companies enhance their money stream and improve income with a BNPL answer which lets shoppers make versatile, interest-free installments on objects bought in-store.
This means retailers usually tend to make gross sales, whereas on the similar time decreasing the credit score threat from clients.
Speaking to TechCrunch Gianluca Cocco, CEO and Co-Founder of Qomodo, mentioned: “Our software program principally simplifies the service provider transaction to assist them scale back cost charges and streamline their operation. You can say that we’re digitizing SMBs which were left behind by Financial Technology within the bodily world.”
“It’s a form of 360 levels method,” he added. “We have a BNPL and POS answer however we’re additionally going to launch different banking merchandise like playing cards and financial institution accounts.”
He mentioned they’re in an area the place Financial Technology is just not that current, or under no circumstances: “Because that is about bodily retailers. Usually, monetary establishments present private loans and conventional lending merchandise, or banking merchandise. So these are our precise principal rivals.”
Louis Dussart, VP, Europe, RTP Global, commented in a press release: “Italy has been ready for a B2B fintech champion and that’s why we’re delighted to again Qomodo. There’s an enormous alternative, given Italy’s important home market and standing because the ‘nation of SMBs’, to revolutionize and improve in-store procuring experiences – for each retailers and shoppers.”
Qomodo has already partnered with retailers corresponding to Decathlon, Calzedonia, Moschino, Samsonite, Nike, and Pandora.
