Funds and monetary options are two-a-penny at this level, however largely for on-line e-commerce. What about bodily shops? In 2023 Qomodo, a Milan-based “all-in-one” fee strategies aggregator for bodily retailers, got here out with a €34.5 million ($36.9 million) pre-seed spherical (largely debt), which we coated, to develop the BNPL mannequin into different classes.
It’s now raised €13.5 million ($13.9 million) in a Sequence A funding. The spherical was co-led by RTP World 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 Lumen Ventures). Which means it’s now raised €48 million in complete ($49.6 million — so, €18 million of fairness, €30 million of credit score facility).
Based in 2023 by entrepreneurs Gianluca Cocco and Gaetano de Maio, Qomodo claims to now serve 2,500 bodily retailers, largely in Italy.
The concept is that Qomodo lets small companies enhance their money move and improve income with a BNPL resolution which lets customers make versatile, interest-free installments on gadgets bought in-store.
This implies retailers usually tend to make gross sales, whereas on the similar time decreasing the credit score danger from clients.
Talking to Fintech, Gianluca Cocco, CEO and co-founder of Qomodo, mentioned: “Our software program principally simplifies the service provider transaction to assist them scale back fee charges and streamline their operation. You’ll be able to say that we’re digitizing SMBs which have been left behind by fintech within the bodily world.”
“It’s a kind of 360 levels strategy,” he added. “We’ve got a BNPL and POS resolution 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 fintech shouldn’t be that current, or under no circumstances: “As a result of that is about bodily retailers. Normally, monetary establishments present private loans and conventional lending merchandise, or banking merchandise. So these are our precise predominant opponents.”
Louis Dussart, VP, Europe, RTP World, 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 customers.”
Qomodo has already partnered with retailers resembling Decathlon, Calzedonia, Moschino, Samsonite, Nike, and Pandora.
