Hello Paull,
I like this one a lot better than your first! It is a lot more hip and active. I like your design of the O. Can you make it so that the flag is unfolded, and perhaps able to have country colors depicted on it? For example, could you make it an Italian flag with the colors?
Or, keep it all the same color, but make it like a gradient of Italian colors spanning the entire graphic?
I do like the Label text here, but it looks a little too cool, almost like it doesn't fit.
Thanks in advance for your good work, I look forward to seeing more!
Lucas