Gomodo raises $13.9 million to expand BNPL for major Italian retailers

Payments and finance solutions are two a penny at this point, but mostly for online e-commerce. What about physical stores? In 2023, Gomodo, a Milan-based aggregator of all-in-one payment methods for brick-and-mortar merchants, exited with €34.5 million ($36.9 million). pre-seed period We cover to extend the BNPL model to other categories (mainly debt).

It has now raised 13.5 million euros ($13.9 million) in Series A funding. The round was led by RTP Global and LMDV Capital, with participation from other notable investors including Proximity Capital, Primo Capital, as well as the founders of FACEIT, Fiscozen and Freetrade (the latter via Lumen Ventures). This means that a total of 48 million euros have now been raised ($49.6 million – i.e. 18 million euros in equity, 30 million euros in loan funds).

Founded in 2023 by entrepreneurs Gianluca Cocco and Gaetano de Maio, Gomodo claims to currently serve 2,500 physical merchants, mostly in Italy.

The idea is that Gomodo enables small businesses to improve cash flow and increase revenue with a BNPL solution that allows consumers to make flexible, interest-free installments on in-store purchases.

This means that retailers are likely to make more sales, while reducing customer credit risk.

Gianluca Cocco, CEO and co-founder of Gomodo, told TechCrunch: “Our software basically simplifies merchant transactions to reduce payment fees and streamline transactions. You can say that we are digitizing SMEs that FinTech has left behind in the physical world.”

“It’s kind of a 360-degree approach,” he said. “We have a BNPL and POS solution, but we will also launch other banking products like cards and bank accounts.”

He said they are in a space where FinTech is not very present or not at all: “Because it is about physical merchants. Usually, financial institutions provide personal loans and traditional loan products or banking products. In other words, these are our main competitors.”

Louis Dussart, Europe, RTP Global, commented in a statement: “Italy has been waiting for a B2B fintech champion and we are therefore delighted to support Comodo. Given Italy’s significant domestic market and standing as the ‘Land of SMEs’, there is a huge opportunity for both retailers and consumers to change and improve their in-store shopping experiences.”

Qomodo has already partnered with retailers such as Decathlon, Calzedonia, Moschino, Samsonite, Nike and Pandora.