Toqio, which claims to help businesses build financial products, has scored €8m in its seed round.
Seaya Ventures, Speedinvest and SIX FinTech Ventures supplied the capital, which will help Toqio to scale its global financial SaaS platform.
Funds from the round will be used to scale its team from 19 to more than 100. The company is also looking to deepen its position in the European market and expand into the US.
The FinTech company, which was founded in 2019 by serial entrepreneurs Eduardo Martínez and Michael Galvin, aims to help companies launch financial solutions.
Toqio, which is headquartered in London and Madrid, empowers companies to leverage pre-built products to create personalised applications and accelerate the launch of services. Some of the products include digital banking, card and financing solutions.
The platform also boasts a marketplace which helps financial services and FinTech platforms to connect directly into Toqio.
Toqio co-founder and CEO Eduardo Martínez said, “After exiting the last business [Geniac] we kept getting pulled towards FinTech. With our backgrounds in SaaS and operating in the FinTech space, many opportunities came to us from banks, startups and big brands. We kept seeing the same problem, and no solution in the market.
“Regulation has 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 has occurred again and again in the software industry before a new sector emerged, and we had an opportunity to be a first-mover to deliver a meaningful solution, with FinTech SaaS.”
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