Qomodo, a Milan-based payment aggregator, is focusing on enhancing cash flow for physical merchants through its buy-now-pay-later (BNPL) model. In 2023, the startup raised €13.5 million in Series A funding, adding to its previous €34.5 million pre-seed funding, totaling €48 million. Qomodo serves around 2,500 merchants in Italy, enabling them to offer interest-free installment payments to consumers, thus boosting sales while lowering credit risk. The company aims to further digitize small and medium businesses with more banking solutions beyond payment processing.
'Our software basically simplifies the merchant transaction to help them reduce payment fees and streamline their operation. You can say that we are digitizing SMBs that have been left behind by FinTech in the physical world.'
'It's a sort of 360 degrees approach. We have a BNPL and POS solution but we are also going to launch other banking products like cards and bank accounts.'
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