The digitalisation of financial services is in the nascent stages and a majority of participants in the global market are yet to embark on this journey. With a proliferation of innovative fintechs and financial service providers pouring into the market in recent years, a London-based fintech SaaS startup Toqio has been designed to build and launch new banking and finance solutions quickly and easily
Secures €20M investment
The fintech SaaS provider Toqio just closed €20 million in funding to become the platform of choice for creating new fintech solutions. The round comprises €18.7 million Series A funding and a €1.3M grant from The Centre for the Development of Industrial Technology (CDTI) a public organisation for technology development in Spain.
The Series A investment was led by AlbionVC (which has backed London-based Ophelos and Neurofenix, the UK-founded neurological rehabilitation platform) alongside participation from Aldea Ventures, and previous investors, including Seaya, Speedinvest (which just backed Timberhub), SIX FinTech Ventures and angel investors – Leandro Sigman, and Board Member at Endeavor Spain.
With this investment, Toqio will continue its growth throughout Europe, including Germany and France. The fintech SaaS provider recently 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 & Co-Founder of Toqio, said: “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.”
Jay Wilson, Investment Director at AlbionVC, said: “The digitisation of finance is only just beginning and Toqio has a massive market to go after. Mostly, we have been incredibly impressed with Eduardo and Mike and the team they have built around them and look forward to playing a small part to support them in delivering on their bold ambition.”
Aristotelis Xenofontos, Partner at Seaya, who have followed on having invested in Toqio’s seed round, commented: “Toqio have built the first true embedded finance platform, which puts them in a unique position to lead the category and make a considerable impact on the market, particularly as more and more businesses realise the time and cost to be saved by using low-code solutions.”
Alfonso Bassols, Managing Partner at Aldea Ventures, added: “Toqio is in an exceptional position to grow further as the market continues to mature and more businesses recognise they don’t need to build from scratch to deliver exceptional financial services to their customers. The business has accomplished a lot to date with clients across Europe, and we are eager to rally behind the Toqio team as they continue to scale in France and Germany.”
What does Toqio do?
Toqio was founded in 2019 by serial entrepreneurs Eduardo Martínez Garcia and Michael Galvin in London and has offices in Nairobi and Madrid. The founders previously built Geniac, a small business SaaS startup acquired by Grant Thornton.
Toqio allows any business, not just banks, to launch embedded finance solutions for their business or consumer customers in a matter of days. It removes the need to build and manage complex software through its SaaS platform and its marketplace. Customers include Crealsa, Paysme and MovePay.
Toqio has grown from 17 people to over 100 in the past 18 months and recently expanded its services into the Spanish market. Toqio has secured more than 50 customers that have built numerous financial solutions throughout Europe.