Toku: The fintech founded and led by a woman raises 48 million dollars in Series A
The operation also ranks among the top 10 largest of its kind conducted in the region, according to Crunchbase data. Locally, it is the largest Series A Fintech operation in Chile.
Toku, a Chilean technology startup, announced it has raised 48 million dollars in a Series A funding round, bringing its total capital raise to 55 million dollars over the past 3 years. With this raise, Toku and its CEO, Cristina Etcheberry, achieved the highest amount of Series A funding for a company led and founded by a woman in Latin America, a operation that also ranks among the top 10 of its kind made in the region, according to data from Crunchbase. Locally, it is the largest Series A operation for a Fintech company in Chile.
The round was led by Oak HC/FT, a US-based fund that has invested in the Latin American Fintech industry four times in the past three years. Existing investors in Toku, including Gradient Ventures (from Google), F-Prime Capital, Clocktower, Y Combinator, and Honey Island, also contributed to the additional financing, which adds to the Series A round of $9.3 million raised in April 2024.
AUTOMATION: Payment Relationship Management (PRM)
Toku, which automates the entire collection process for companies with more than 1,000 charges per month, is a leader in the Payment Relationship Management (PRM) category; a technology that allows businesses to automate and manage their financial relationship with every individual who pays them. Its service includes customizable payment portals, automated reconciliations, and optimized collection strategies.
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Cristina Etcheberry, CEO and co-founder of the fintech, explained: "Large companies usually have several payment providers, each one with different connections and separate data. Integrating them is expensive, slow, and very manual. Toku changes all of that, making the connection between companies' systems and banks simple, efficient, and transparent."
Toku's clients have seen their automatic payment penetration (PAC and PAT) increase from 10% to 90%, directly impacting the company's revenue. By leveraging real-time data, Toku automates the entire payment cycle, from method selection to customer relationship. In this way, it improves efficiency and user experience.
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INTERNATIONALIZATION: MEXICO AND BRAZIL
Present in Mexico, Brazil and Chile, the startup currently processes a transaction every two seconds, amounting to more than 1.8 billion dollars per year. This means that one in every three automatic bill payment subscriptions in Chile is registered through Toku.
The company provides services to medium and large businesses in sectors such as insurance, credit, education, real estate and public services (light, water, gas, roads). The newly raised funds will be used to double down on their current market penetration strategy and accelerate the development of their products.
In 2024, Toku doubled its sales in Chile and almost tripled them in Mexico. In addition, the volume of processed payments grew a little more than three times, and there was a net growth in its customer portfolio of 160% in 12 months.
Throughout Latin America, Toku has over 170 employees and serves more than 450 companies. Specifically in Chile, the company works with companies such as BICE Vida, Chevrolet, Forum, HDI Seguros, and Mundo Pac铆fico. Toku processes and handles over 1 million transactions each month in Chile.
Cristina Etcheberry stated, "In Latin America, we see the opportunity to resolve issues that distract businesses from their day-to-day operations, such as in reconciliations, managing multiple payment channels and banks, containing the risk of handling credit cards, and providing a good customer experience. In fact, the interest from our investors far exceeded what we set out to raise. This puts us in a good position for the future and we are excited to bring our technology to more businesses and industries in the countries where we are present."
On his part, Oak HC/FT fund partner, Allen Miller, commented: "Midsize and large Latin American companies face high operational costs, complex payment infrastructures, and increasing delinquency rates. Toku is addressing this challenge and empowering businesses across various industries with its world-class payment technology. We are thrilled to partner with the Toku team and look forward to supporting the company in this next phase of growth".
Founded in 2020 by Cristina Etcheberry, Francisca Noguera, and Enzo Tamburini, the startup ensures that companies receive their revenues reliably and profitably, while improving the payment experience of their customers.
We started four years ago with a simple idea: to help businesses manage payment reminders. Since then, we have dedicated all our energy to building an increasingly solid product capable of solving real problems. This has been possible thanks to a first-rate team - talented, committed and passionate about our mission. Last year we strengthened the executive team with Ignacio Gajardo as CTO (ex Galgo and Mach) and Francisco Saver as VP of Finance and People (ex JP Morgan and Bain). In 2025, we will continue to reinforce our leadership team in Mexico and Brazil. The interest and enthusiasm sparked by this round recognize and validate the work of all the Tokus, Etcheberry concluded.