Fintech SaaS provider based in London and Madrid, Toqioraised €8 million in its seed funding round from European investors Seaya Ventures, Speedinvest and SIX FinTech Ventures, to further develop its global SaaS finance platform.
Speaking on the investment, Aristotelis Xenofontos, Principal at Seaya Ventures, said: “We have spent many years following the Embedded Finance space and have finally found the missing piece, a transparent catalyst that glues everything together.”
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Toqio helps companies quickly launch financial solutions, eliminating the need to build and manage complex software solutions through its platform and marketplace.
Use of capital
With the funds raised, the company plans to expand its platform, enter the US market, and grow its team from 19 to over 100 people for product, sales, and more. In addition, Toqio also plans to secure a leading position in the European market through its growing business portfolio.
Fintech SaaS platform to launch and monetize new products
In today’s fintech market, companies planning to launch new products face challenges when building in-house or buying a solution. And that’s where Toqio thinks he can make a difference. It offers a smart and connected way to create and deliver financial products.
Toqio was founded in 2019 by serial entrepreneurs Eduardo Martínez and Michael Galvin, who previously created a small SaaS startup, Geniac (acquired by Grant Thornton). They are joined by a founding team that supported their previous ventures, bringing together SaaS and fintech experts.
Eduardo Martínez, co-founder and CEO of Toqio, says: “After leaving the last company, we continued to be drawn towards fintech. With our background in SaaS and operating in the fintech space, many opportunities have come to us from banks, startups and big brands. We kept seeing the same problem and no solution in the market. Regulations changed and Banking-as-a-Service provided the plumbing for new solutions, but everyone was still building solutions from scratch. It felt like the same situation that happened over and over again in the software industry before a new industry emerged, and we had the opportunity to be the first to deliver a meaningful solution, with the fintech SaaS.
The Toqi solution
According to Toqio, it provides customers with pre-built products to enable them to build custom applications and go from concept to market in just six weeks. The platform enables customers to launch specific use cases on a single, shared infrastructure. This includes their digital banking, card and financing solutions.
Moreover, its solution also comes with a marketplace, which acts as a layer connecting major financial services and fintech platforms directly to Toqio. And finally, the company provides a management portal that offers customers end-to-end customer management.
Martínez says, “Companies and banks are looking to innovate in the fintech sector, but until now they have had to create and maintain complex software solutions to achieve this. It has also kept smaller, niche businesses out of the market. We don’t want fintech to end up like banking, just with a new set of big incumbents trying to take over financial services. We want to level the playing field.”
Currently, the company is already working with clients across Europe supporting financial institutions, fintech startups, banks and corporate brands looking to launch and monetize financial solutions in their ecosystem. Its clients include new Spanish bank Crealsa, business banking service Wamo in Malta and alternative commercial lender Just Cash Flow in the UK.
According to The Business Research Company, the global fintech market is expected to reach $325 billion (about €274.45 billion) by 2030. While non-banking financial services, such as niche fintech solutions , will grow 48% year-over-year, and open banking revenues for corporations and corporations will reach $48 billion (around €40.53 billion) by 2026.
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