Qomodo, €13.5M Series A with RTP Global and LMDV Capital

Qomodo, the Italian fintech company that brings digital payment solutions to stores, including the buy now pay later (BNPL) formula, raises new capital 12 months after its commercial launch and pre-seed phase of 34.5 million.

Founders Gianluca Cocco and Gaetano de Maio, entrepreneurs who returned to Italy after developing several international initiatives, announce the closing of the 13.5 million euro Series A round.

The operation is led by RTP Global, an international early stage venture capital fund at its first investment in Italy, and by LMDV Capital as co-lead investor in Qomodo

Proximity Capital and Primo Capital, already investors in the previous round, are also participating. The founders of Faceit (Niccolò Maisto and Michele Attisani), Fiscozen (Vito Lomele) and Smartpricing (Luca Rodella) are also part of the investment.

Among these, Davide Fioranelli (co-founder of Freetrade) is also reinvesting with the Lumen Ventures fund. Names that join those of Italian industrial families such as Elkann-Agnelli, Berlusconi and Moratti who entered with their family offices that supported Qomodo in the first pre-seed round, to which Leonardo Maria Del Vecchio is now added.

Significant is the presence of RTP Global, a fund that has invested in many future unicorns in the past, from Delivery Hero and Datadog to SumUp and Qonto and which is investing for the first time in an Italian company. Also fundamental is the synergy with LMDV Capital, with which a new cash injection was agreed to accelerate growth at a time when Qomodo was not looking for new investors on the market.

In the space of a few months, Qomodo has gained the trust of national and international investors by raising a total of 48 million euros, of which 18 million euros in equity and 30 million euros in credit facilities.

With this operation, Qomodo will be able to develop the next phase of growth

That includes the addition of new products to create an ecosystem of solutions that meet the needs of physical merchants to become the point of reference for the management of all customer administrative management processes. Also the implementation of new artificial intelligence applications to increase scalability and support thousands of merchants throughout Italy; the attraction of new tech talents to be included in the workforce, fundamental for the development and growth of our services and technologies.

From the commercial launch in November 2023 to the definition of this investment round, just over 12 months have passed. In this time, Qomodo has achieved the following milestones: over 500% growth in customer base , Qomodo has experienced exponential growth, quadrupling its customer base in less than a year.

Currently, over 2,500 physical merchants in Italy rely on Qomodo for their payment solutions; complete product suite, 20% of Qomodo customers use both the BNPL service and the intelligent point of sale (POS) service, which simplifies payment processes and reduces financial risks for small businesses; next-generation solutions, Qomodo’s buy now pay later (BNPL) product has transformed the way merchants interact with their customers, enabling flexible, interest-free payments in installments.

This solution has proven particularly useful for consumers who have to deal with unexpected expenses, such as veterinary bills or large purchases, while reducing credit risk for small businesses.

Gianluca Cocco, CEO and co-founder of Qomodo (pictured with the team) says in a note: “The experience gained abroad in the creation and development of international startups has pushed us to return to Italy to provide a concrete response to the needs of micro businesses. The smarter and more flexible management of liquidity, payments and collections through digital technologies. This operation demonstrates that in addition to our customers, who have increased fivefold in just 12 months, investors also recognize the enormous potential of Qomodo. A support that is the result of the trust and dynamism of the ecosystem of Italian investors and, as demonstrated by the entry of RTP Global and LMDV, also of the growing interest of international investors in the Italian market.”

“In just over 12 months we have raised over 48 million euros – added Gaetano de Maio, COO and co-founder of Qomodo –, a real record, driven by the strong need for innovation that the Italian market now requires: namely digital payments and BNPL. Today we support over 2,500 physical businesses, entrepreneurs and affiliated professionals, managing millions of euros in transactions every month. In particular, our solution allows physical stores to take advantage of innovative payment solutions, offering advantages that were previously reserved only for the online world.”

“At the same time, it allows consumers to complete both essential and unavoidable purchases and services that they would not have been able to obtain otherwise, thanks to flexible payment options and BNPL offered directly by their trusted merchant, with a response that arrives in 45 seconds at most. This new financing will allow Qomodo to continue bridging the gap between online and physical retail with a smart and integrated payment system, which enables physical merchants to offer their customers the same convenience and flexibility as e-commerce giants.”

Louis Dussart of RTP Global, comments “The Italian market has been waiting for a B2B fintech champion. There are huge development opportunities for Qomodo, given the size of the domestic market and that it is mostly made up of micro, small and medium-sized enterprises. The founders’ extensive experience in introducing international scale-ups in Italy puts them in the ideal position to conquer this market. We are excited to accompany them at every stage of their success by offering our RTP Global experience in supporting market leaders and by supporting with this investment, the first we make in Italy, some of the largest Italian families.”

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(Featured image by Clay Banks via Unsplash)

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