QOMODO Welcomes RTP Global and LMDV Capital as New Investors and Raises €13.5M Series A to Revolutionize Payments for Physical Merchants
By Dominic Sow · 21 January 2025
Qomodo, the "all-in-one" smart payment solution for physical merchants, announces it has raised €13.5M in Series A funding. The round was co-led by RTP Global and LMDV Capital, with participation from Proximity Capital, Primo Capital as well as other notable investors including the founders of FACEIT, Fiscozen and Freetrade (the latter through Lumen Ventures). This builds on previously raised capital at the pre-seed level which included participation from the Elkann-Agnelli, Berlusconi, and Moratti family offices. It brings the total funds raised by Qomodo within just 12 months of its launch to €48 million (€18 million of equity, €30 million of credit facility).
Founded in 2023 by seasoned entrepreneurs Gianluca Cocco and Gaetano de Maio, Qomodo has rapidly positioned itself as a key player in Italy’s fintech ecosystem. Following a record-breaking pre-seed round of €34.5 million, the company has quintupled its customer base, now serving over 2,500 physical merchants nationwide. This exceptional growth highlights the growing demand for Qomodo’s innovative payment solutions tailored for small and medium-sized businesses.
Qomodo’s digital ecosystem is designed to empower micro and small businesses by improving cash flow and increasing revenue potential. Its flagship product, the Buy Now, Pay Later (BNPL) solution, enables consumers to make flexible, interest-free instalment payments. This not only drives higher sales for merchants but also reduces credit risks. Qomodo’s "all-in-one" smart payment platform further simplifies and secures transactions, helping merchants reduce costs and streamline operations.
Funding to Drive Future Growth
The latest funding round will enable Qomodo to:
- Expand its product portfolio to offer a comprehensive ecosystem addressing the administrative and transactional needs of physical merchants.
- Leverage advanced AI applications to scale operations and support thousands more merchants across Italy.
- The attraction of new tech talents to join our team, essential for the development and growth of our services and technologies.
In about 12 months, since launching the platform in 2023 till December 2024 Qomodo achieved the following key milestones:
- +500% Customer Growth: Qomodo has grown its customer base fivefold in less than a year, now supporting over 2,500 merchants.
- Comprehensive Product Suite: 20% of Qomodo’s customers now use both its BNPL service and the innovative smart Point of Sale (POS) system, which simplifies payment processes and reduces financial risks for small businesses.
- Next-Gen Solutions: Qomodo’s Buy Now Pay Later (BNPL) product has transformed how merchants and their customers interact, allowing flexible, interest-free instalment payments. This has been impactful for consumers facing unexpected costs, such as vet bills or large one-time purchases, while reducing the credit risk for small businesses.
Gianluca Cocco, CEO and Co-Founder of Qomodo, shared:
“As entrepreneurs with a deep passion for Italy, we saw a real opportunity to bring much-needed innovation to the domestic market. This funding allows us to continue transforming how physical merchants operate, giving them access to smarter, more flexible payment options. We’re incredibly proud of the growth we’ve achieved, but this is just the beginning. With the continued support of both Italian and global investors, we’re poised to reshape payments in Italy.”
Gaetano de Maio, Co-Founder and COO of Qomodo, added:
“In just over 12 months, we have raised over 48 million euros, a true record, driven by the strong market demand for innovation—namely, digital payments and BNPL. Today, we serve over 2,500 physical businesses, entrepreneurs, and affiliated professionals, managing millions of euros in transactions each month. Specifically, our solution enables brick-and-mortar stores to leverage innovative payment solutions, thus gaining advantages that were previously exclusive to the online world. At the same time, it offers consumers the ability to complete both essential, unavoidable purchases and services they might otherwise not have acquired, with flexible, instalment-based payment options and BNPL, offered directly by their trusted merchant, with a response time of no more than 45 seconds. The new funding will allow Qomodo to continue bridging the gap between online and physical retail with an all-in-one smart payment system that empowers physical merchants to offer their customers the same convenience and flexibility as e-commerce giants.”
Louis Dussart, VP, Europe, RTP Global, commented:
“Italy has been waiting for a B2B fintech champion and that's why we are delighted to back Qomodo. There's a huge opportunity, given Italy’s significant domestic market and standing as the 'nation of SMBs', to revolutionise and enhance in-store shopping experiences - for both retailers and consumers. Gianluca and Gaetano have the vision and the prior experience of scaling start-ups in the region to achieve this potential. We look forward to partnering with them at every stage of their journey."
Leonardo Maria Del Vecchio, Chairman of LMDV Capital, concludes:
“We are thrilled to announce this investment, a step that represents not only a significant strategic move but also a tribute to the talent and excellence of Italian craftsmanship. We have closely followed Gianluca and Gaetano’s journey from the very beginning, admiring their ability to turn an idea into a tangible project, validate the product in record time, and scale the business with determination and vision. The decision to co-lead this round with RTP Global, one of the most respected international funds, underscores our philosophy: to identify and support Italian champions—local enterprises that not only reflect the excellence of our country but also have the potential to become key players on the global stage. With Qomodo, we are not merely investing in a promising company but in a model that combines innovation, quality, and the very best of Italian ingenuity. This is our commitment: to value national excellence, support its growth, and accompany it in bringing the prestige and authenticity of Italian craftsmanship to the world.”
Qomodo's shareholder base has expanded and continues to include key stakeholders such as RTP Global, LMDV Capital, Fasanara Capital, Proximity Capital, and Primo Capital, along with other prominent Italian family offices and institutional investors, including Exor Ventures, Ithaca Investment, Lumen Ventures, The Techshop, Notion Capital, Octopus Ventures, and Plug and Play Tech Center. These organisations will support the fintech’s growth alongside private angel investors such as Mark Ransford, Luca Ascani, Attilio Mazzilli, Simone Mancini (Scalapay), Benedetta Arese Lucini, Kai Hansen (Lieferando), Stiven Muccioli (BKN301), Freddy Kelly (Credit Kudos), Christer Holloman (Divido), Raffaele Terrone (Desia), Andrea Gennarini, and Pietro Invernizzi. Companies in this story: LMDV Capital, Qomodo, RTP Global
People in this story: Gianluca Cocco, Gaetano De Maio, Louis Dussart, Leonardo Maria Del Vecchio