Growing FinTech Toqio has announced €20m (£18m) in funding.
The Series A was led by Albion VC alongside Aldea Ventures, with participation from previous investors Seaya, Speedinvest and SIX FinTech Ventures.
Toqio allows any business to launch embedded finance solutions in a matter of days and customers include Crealsa, Paysme and MovePay.
London-headquartered Toqio has grown from 17 to 100+ in the past 18 months and also has offices in Madrid and Nairobi.
Toqio was founded by Eduardo Martinez and Michael Galvin in 2019 to build and launch new banking and finance solutions quickly and easily.
As part of its expansion plans, Toqio will continue its growth throughout Europe – delivering on its vision to become the world’s premier FinTech SaaS platform.
The €20m in funding includes a €1.3m grant from The Centre for the Development of Industrial Technology (CDTI) a public organisation for technology development in Spain.
Eduardo Martinez Garcia, CEO and co-founder of Toqio, said: “After rapidly growing our team and entering the Spanish market, we’ll now be broadening our focus within Europe, including expansion into France and Germany.
“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.”
The round was led by Emil Gigov and Jay Wilson of AlbionVC with Jay Wilson joining the Toqio Board of Directors following the investment.
Jay Wilson, investment director at AlbionVC, said: “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. 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.”