Italian fintech Qomodo lands €34.5m pre-seed funding
Qomodo, a Milan-based start-up providing payment solutions for physical retailers, has raised €34.5 million in a pre-seed funding round led by Fasanara Capital.
Qomodo raises €34.5 million in pre-seed funding
The raise, which comprises a mix of credit lines and equity, also saw participation from Exor Ventures, Proximity Capital, Ithaca Investment, Notion Capital and Octopus Ventures, among others. Angel investors including Scalapay CEO Simone Mancini, Credit Kudos founder Freddy Kelly and fintech investor Mark Ransford also participated.
Founded by Gianluca Cocco (co-founder of factory14) and Gaetano De Maio (co-founder of Testami) earlier this year, the fintech is positioning itself as an “aggregator of payment systems”, enabling improved cash flow for merchants and interest-free flexible payment options for customers.
It says it plans to use the funding to launch a suite of payment solutions including SmartPOS, Tap-to-Phone and a buy now, pay later (BNPL), with the aim to provide “immediate, safe and transparent” collections for merchants while increasing the range of payment options and spending opportunities for their customers.
The start-up claims that over 500 merchants have adopted its payment solutions while in stealth and several agreements regarding additional API integrations remain in progress.
CEO Gianluca Cocco says the start-up’s payment solutions intend to “bring the advantages of online payments to physical stores”, with a specific focus on servicing essential expenses.
Propelled by “strong early market signals, investor trust and international partner interest”, he anticipates the solution capturing “hundreds, even thousands, of new merchants each month”.
