London and Madrid-based fintech SaaS provider, Toqio, has raised €8M in its Seed round of funding from European investors Seaya Ventures, Speedinvest, and SIX FinTech Ventures, to further scale its global financial SaaS platform.
Speaking on the investment, Aristotelis Xenofontos, Principal at Seaya Ventures, says, “We have spent many years following the Embedded Finance space and finally found the missing piece, a seamless enabler that glues everything together.”
Toqio helps businesses to quickly launch financial solutions, removing the need to build and manage complex software solutions through its platform and marketplace.
Capital utilisation
With the raised funds, the company plans to expand its platform, enter the US market, and scale its team from 19 to over 100 across product, sales, and more. In addition, Toqio is also planning to secure a leading market position in Europe through its growing pipeline of business.
Fintech SaaS platform to launch and monetise new products
In the current fintech market, businesses that are planning to launch new products are facing issues while building in-house or buying a solution. And this is where Toqio believes it can make a difference. It provides a smart and connected way to create and deliver financial products.
Toqio was founded in 2019 by serial entrepreneurs Eduardo Martínez and Michael Galvin, who previously built a small business SaaS startup, Geniac (acquired by Grant Thornton). They are joined by a founding team that supported their previous ventures, bringing together SaaS and financial technology experts.
Eduardo Martínez, co-founder & CEO of Toqio, says, “After exiting the last business, we kept getting pulled towards fintech. With our backgrounds in SaaS and operating in the fintech space, many opportunities came to us from banks, startups and big brands. We kept seeing the same problem and no solution in the market. Regulation has changed and Banking-as-a-Service provided the plumbing for new solutions, but everyone was still building solutions from scratch. It felt like the same situation that has occurred again and again in the software industry before a new sector emerged, and we had an opportunity to be a first-mover to deliver a meaningful solution, with fintech SaaS.”
Toqio’s solution
According to Toqio, it provides customers with pre-built products for them to create personalised applications and go from concept to market in just six weeks. The platform allows clients to launch specific use cases on a single, shared infrastructure. This includes their digital banking, card and financing solutions.
Additionally, its solution also comes with a marketplace, which acts as a layer connecting the leading financial services and fintech platforms directly into Toqio. And finally, the company provides a management portal offering clients end to end customer management.
Martínez says, “Businesses and banks are looking to innovate in the fintech sector, but to date, they have had to create and maintain complex software solutions to do this. This has also kept smaller niche businesses out of the market. We don’t want fintechs to end up like banking just with a new set of big incumbents trying to take control of financial services. We want to level the playing field.”
Currently, the company is already working with customers across Europe by supporting financial institutions, fintech startups, banks, and corporate brands that are looking to launch and monetise financial solutions in their ecosystem. Some of its customers include new Spanish bank Crealsa, business banking service Wamo in Malta, and alternative business lender Just Cash Flow in the UK.
According to The Business Research Company, the global fintech market is expected to reach $325B (approx €274.45B) by 2030. While non-banking financial services, such as niche fintech solutions, will grow 48 per cent year-on-year, and open banking revenues for corporates and larger businesses will reach $48B (approx €40.53B) by 2026.
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