In its most recent funding round, Toku, a FinTech firm specializing in comprehensive payment solutions, has secured $9.3 million.
Gradient Ventures spearheaded the funding round, with participation from existing investors including F-Prime Capital, Clocktower, Y Combinator, Wollef, and Funders Club. With this round, Toku’s total funding reaches close to $20 million.
Cristina Etcheberry, co-founder and CEO of Toku, highlighted the challenges faced by businesses in Latin America due to manual and inefficient collection processes. She emphasized the negative impact of outdated practices on businesses and their customers, leading to high rejection rates and unnecessary friction. Etcheberry expressed enthusiasm about the validation of Toku’s demand and the opportunity to expand its technology to more businesses and regions.
Toku’s platform automates the entire payment processing and collection lifecycle, enabling companies to offer payment options, manage customer outreach, and facilitate collection seamlessly. This automation results in companies reliably collecting 5% more revenue while providing customers with a digital experience at a 30% lower cost.
Utilizing real-time data, Toku’s platform continuously refines customer communications and collection strategies. The new funding will support Toku’s expansion efforts in Mexico, Brazil, and Chile. Since its inception in 2020, the company has consistently achieved a quarterly revenue growth rate of 70%.
Zachary Bratun-Glennon, General Partner at Gradient Ventures, acknowledged the challenges faced by businesses and consumers in Latin America’s rapidly growing digital commerce landscape. He praised Toku for delivering top-notch payments technology coupled with a high-quality customer experience across various industries and business sizes. Bratun-Glennon expressed honor in partnering with Toku’s team and anticipated future developments in their product offerings.
Source: ibsintelligence.com
