Fintech SaaS provider Toqio secures £17.2m Series A funding
Fast-growing fintech SaaS provider Toqio has secured £17.2m in Series A funding, led by Albion Capital, which also includes a £1.1m grant from a public organisation for technology development in Spain.
With a proliferation of innovative fintech and financial service providers entering the market over the past five years, Toqio was established to help make these services more accessible through its low-code platform, designed to build and launch new banking and finance solutions quickly and easily.
The success of Salesforce demonstrated that companies didn’t have to create their own CRM solutions and Toqio founders Eduardo Martinez and Michael Galvin realised this SaaS model could be applied to fintech to benefit financial institutions, many of which are struggling to develop their own technology, wasting time and money in the process.
Toqio allows any business, not just banks, to launch embedded finance solutions in a matter of days. It removes the need to build and manage complex software through its SaaS platform and its marketplace. Toqio’s ‘Marketplace’ provides a place to incorporate curated fintech modules into a solution, offered by leading financial service providers.
Eduardo Martinez Garcia, CEO & Co-Founder of Toqio, said:
After rapidly growing our team and entering the Spanish market, we’ll now be broadening our focus within Europe. This new funding round will enable us to keep evolving and delivering on our vision to become the world's premier fintech SaaS platform, giving our clients the ability to create, customise, and launch bank-grade digital finance solutions.”
The funding round was led by Emil Gigov and Jay Wilson of Albion Capital, with Jay Wilson joining the Toqio Board of Directors following the investment.
Jay Wilson, Investment Director at Albion Capital said:
The digitalisation of financial services is only getting started and the majority of participants in this global market have yet to commence this journey. There has been massive investment by incumbent banks and fintech unicorns operating in the space, but most don’t have access to this type of investment or want to become tech companies in the process.
We have been incredibly impressed by Toqio’s growth to date and the exceptional quality of the SaaS business it is building. We are well aligned with the company’s vision of bridging the gap between financial services and financial outcomes. The digitisation of finance is only just beginning and Toqio has a massive market to go after. We look forward to playing a small part to support them in delivering on their bold ambition.”
Headquartered in London with offices in Madrid and Nairobi, Toqio has grown rapidly since its formation in 2019. The team went from 17 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.