UK-based Toqio, a fast-growing fintech SaaS provider, announced on Thursday, September 29, that it has raised €20M in a Series A round of funding. The company aims to become the platform of choice for creating new fintech solutions.
Out of the €20M capital, Toqio received a €1.3M grant from The Centre for the Development of Industrial Technology (CDTI), a public organisation for technology development in Spain. The grant came earlier this year when the company officially launched in the Spanish market.
The remaining €18.7M investment was led by AlbionVC, and includes Aldea Ventures, as well as previous investors Seaya, Speedinvest, and SIX FinTech Ventures among participants. Angel investors, including Leandro Sigman, Board Member at Endeavor Spain, also participated.
AlbionVC’s Jay Wilson will join the Toqio Board of Directors.
Capital utilisation
Toqio says it will use the funds to continue and expand its growth throughout Europe. Recently, the fintech startup also announced a series of new senior hires in London and Madrid, with its team scaling to over 100 in the past year.
Eduardo Martinez Garcia, CEO and co-founder of Toqio, says, “After rapidly growing our team and entering the Spanish market, we’ll now be broadening our focus within Europe, including expansion into France and Germany. This new funding round will enable us to keep evolving and delivering on our vision: we aim to become the world’s premier fintech SaaS platform, giving our clients the ability to create, customise, and launch bank-grade digital finance solutions, enriched by our Marketplace of reputable and trusted partners.”
“Craft your own fintech solution”
Founded in 2019 by Eduardo Martínez Garcia and Michael Galvin, Toqio is a fintech platform that helps companies create and launch fully branded banking or finance solutions as apps or on the web in weeks instead of the usual turnaround in months. 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 leading financial services and fintech platforms directly into Toqio. And finally, the company provides a management portal offering clients end-to-end customer management.
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.
Toqio is headquartered in London with offices in Madrid and Nairobi. It has grown from 17 people to over 100 in the past 18 months and claims to have secured more than 50 customers that have built numerous financial solutions throughout Europe. 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.
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