Toqio co-founders, Eduardo Martínez Garcia and Michael Galvin | Image credit: LinkedIn
UK-based Toqio, a fast-growing fintech SaaS provider, announced on Thursday 29 September that it has raised €20 million in a Series A funding round. The company aims to become the preferred platform for creating new fintech solutions.
Of the capital of 20 million euros, Toqio received a grant of 1.3 million euros from The Center for the Development of Industrial Technology (CDTI), a public organization for technology development in Spain. The grant came earlier this year when the company was officially launched on the Spanish market.
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The remaining investment of €18.7 million was led by AlbionVC, and includes Aldea Ventures, as well as previous investors Seaya, Speedinvest and SIX FinTech Ventures among the participants. Angel investors, including Leandro Sigman, board member of Endeavor Spain, also participated.
AlbionVC’s Jay Wilson will join the Toqio board.
Capital utilization
Toqio says it will use the funds to continue and expand its growth across Europe. Recently, the fintech startup also announced a series of new senior hires in London and Madrid, with the team scaling to over 100 in the past year.
Eduardo Martinez Garcia, CEO and co-founder of Toqio, says: “After rapidly expanding our team and entering the Spanish market, we will now expand our focus in Europe, including expansion into France and Germany. This new round of funding will make enabling us to continue to evolve and deliver on our vision: we aim to become the world’s premier fintech SaaS platform, empowering our customers to create, customize and launch bank-quality digital financial solutions, enriched by our marketplace. recognized and reliable partners.”
“Create 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 financial solutions as apps or online in weeks instead of the usual turnaround of months. The platform allows clients to launch specific use cases on a single, shared infrastructure. This includes their digital banking, card and financing solutions.
In addition, the solution also comes with a marketplace, which acts as a layer that connects leading financial services and fintech platforms directly into Toqio. And finally, the company offers a management portal that offers customers end-to-end customer management.
The company already works with customers across Europe by supporting financial institutions, fintech startups, banks and corporate brands that want to launch and monetize 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 clients building a range of financial solutions across Europe. Some of the clients include new Spanish bank Crealsa, commercial banking service Wamo in Malta and alternative business lender Just Cash Flow in the UK.
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