Fintech SaaS Startup Raises $19.2M in Fresh Funding

• Toqio, a London-based fintech SaaS startup, has raised $19.2 million in Series A funding.
• The startup’s platform enables companies to launch their own fintech products.
• Check out the 16-slide pitch deck Toqio used to raise the fresh funds below.

London-based fintech startup Toqio has raised $19.2 million in new funding.

Founded in 2019 by serial entrepreneurs Eduardo Martinez and Mike Galvin, Toqio has developed a platform that enables companies to launch their own fintech propositions. Businesses can access a range of different banking and embedded finance products from the start-up platform.

The startup believes the platform and marketplace offer a more cost-effective way for companies to launch their own financial products.

“Companies need to digitize and don’t want to build everything themselves, especially as not many companies want to build everything and become a multi-billion dollar company like Revolut,” Mike Galvin, Toqio co-founder told Insider.

“We think we’re solving a different problem than the other fintechs out there that are more consumer-focused and think this is a new area of ​​the market that has a lot of potential.”

Companies often want to offer banking-as-a-service or embedded financial options to customers, and Toqio partners with fintechs, mid-sized financial institutions and larger financial service providers to deliver low-code and customizable options.

Toqio’s deal consists of an $18.1 million Series A led by Albion VC together with Aldea Ventures, with participation from previous investors Seaya, Speedinvest and Six FinTech Ventures, plus a $1.3 million grant from the Spanish Center for Development of industrial technology.

The startup’s CEO Eduardo Martinez said that despite tripling revenue and doubling its customer base in the period since its seed round in July 2021, it was difficult to get funding across the board.

“The financing was more difficult than expected and we were hoping that the market would improve when we went for it,” he said. “That was despite doing everything that a SaaS company should do. We still managed to do it and are now in a good position to build something.”

The funding will go towards increasing the company’s workforce, which currently stands at around 110 people, along with further European expansion. Toqio has offices in London, Madrid and Nairobi, but wants to increase its presence to France and Germany in the coming year.

Check out Toqio’s pitch deck below: