Toqio aspires to become the reference platform to create new solutions. The fintech service provider has closed a investment of 20 million euros. This round was led by AlbionVC and includes Aldea Ventures, in addition to previous investors Seaya, Speedinvest, SIX FinTech Ventures and various angel investors, such as Endeavor Spain board member Leandro Sigman.
The investment of 20 million euros is completed with a grant of 1.3 million euros of the Center for Industrial Technological Development (CDTI), an entity dependent on the Ministry of Science and Innovation of the Government of Spain.
With the proliferation of innovative fintech companies and financial service providers entering this market in the last five years, Toqio is designed to help these services be more accessible through its low-code platform, designed to build and launch new financial and banking solutions easily and quickly.
The digitization of financial services is just beginning, and most global market participants have yet to enter the market. Large investments have been made in banks and unicorns that are already operating in this space, but many companies don’t have access to these investments or don’t want to transform into tech companies in the process.
SaaS model
In the same way that the success of Salesforce has shown that companies don’t have to create their own CRM solutions, the founders of Toqio, Eduardo Martinez and Michael Galvinthey realized that this SaaS model can be applied in fintech.
In this way, financial institutions could enjoy the same type of benefits many of which find it difficult to develop their own technology, spending time and money in the process.
Toqio now enables all types of businesses, not just banks, to launch integrated financial solutions for their own businesses or their clients in a matter of days. Toqio eliminates the need to build and manage complex software through its SaaS platform and marketplace. Some Toqio clients are Crealsa, Paysme, and MovePay.
Toqio’s marketplace offers a place to incorporate select modules into a single solution offered by leading financial service providers. Some of the partners that are part of the Toqio Marketplace are Clear.Bank, Currencycloud, Modulr, and Railsr.
Eduardo Martínez García, CEO & Co-founder of Toqio: “Once our team is growing rapidly and having entered the Spanish market, we are going to broaden our focus in Europe with our expansion in France and Germany. This new round of financing will allow us to continue evolving so that our vision becomes a reality: we want to be the first fintech SaaS platform, giving our clients the opportunity to create, customize andLaunch banking-grade financial digital solutions, enriched by our marketplace of reputable and trusted partners.”
The round was led by Emil Gigov and Jay Wilson of AlbionVC, with Jay Wilson joining the Toqio board of directors after the deal was done.
Tokyo has the headquarters in London and has offices in Madrid and Nairobi. The company has seen strong growth since it was founded in 2019 by serial entrepreneurs Eduardo Martínez Garcia and Michael Galvin.
The two had previously founded Geniac, a small SaaS startup that was later acquired by Grand Thornton. The Toqio team has grown from 17 to 100 people in the past 18 months and have recently expanded their services in the Spanish market. Toqio has in its portfolio more than 50 clients who have built numerous financial solutions throughout Europe.
