Milan-based Qomodo has raised 13.5 million euros (about $14.1 million) in a Series A funding round to continue developing solutions like buy now, pay later (BNPL) and SmartPOS for Italian merchants.
The company said in a Tuesday (Jan. 21) post on LinkedIn that in its first year it quintupled the number of offline merchants it serves, welcomed tens of thousands of new customers and managed millions of euros in transactions. It also launched its SmartPOS, which fully manages merchants’ transactions.
Qomodo’s latest funding round was led by RTP Global and LMDV Capital, per the post.
“This is just the beginning — Qomodo is reshaping the future of payments for businesses across Italy,” LMDV Capital said in a Tuesday post on LinkedIn.
RTP Global said in a blog post on its website that Qomodo offers brick-and-mortar retailersaccess to the BNPL options and faster ways to pay that are commonly available for online shopping.
Qomodo’s “all-in-one” smart payment solution that offers these options to traditional retailers is especially important in an economy like Italy, where small and medium-sized businesses (SMBs) account for 80% of employment, the post said.
Together with its BNPL solution, the company offers brick-and-mortar merchants mobile in-store payment and pay-by-link offerings, according to the post.
Qomodo now serves 2,500 SMBs, per the post.
“There’s a huge opportunity, given Italy’s significant domestic market and standing as the ‘nation of SMBs,’ to revolutionize and enhance in-store shopping experiences — for both retailers and consumers,” RTP Global Vice President Louis Dussart said in the release.
Eighty-three percent of Italian adults possess debit card, a figure that is relatively lowcompared to other developed nations and suggests a preference for cash transactions or potential barriers to accessing financial services, according to the PYMNTS Intelligence report, “How the World Does Digital.”
The report also found that almost all Italian adults owned smartphones by 2022, 88% have access to high-speed broadband, nearly all have access to 4G, 40% have access to 5G, and 68% engage weekly with messaging applications.
In terms of BNPL adoption, the report found that 0.9% of Italian adults said BNPL was the payment method used in their last online purchase.
We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
