Toku, a Chilean FinTech platform, has successfully closed its Series A funding round, raising a substantial $9.3m.
The investment round was led by Gradient Ventures, Google’s premier fund that focuses on nurturing cutting-edge companies utilising Artificial Intelligence.
The funds will primarily enhance Toku’s leadership in Chile, hasten its growth in Mexico, and facilitate its Brazilian expansion ambitions. The FinTech company is aiming to more than triple its corporate client base to over 600 by 2024.
Existing investors including F-Prime, Clocktower, Y Combinator, Funders Club, and Wollef, have all increased their stakes, reaffirming their confidence in Toku’s strategic direction.
Toku’s platform serves various industries such as insurance, credit services, telecommunications, and utilities by optimising their payment and collection processes. By automating these processes, Toku not only improves reliability by reducing rejected payments by over 5%, but also cuts down operational costs by 30%, offering a more seamless digital interaction for end-users.
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