Toku, a fintech startup that specializes in recurring payment solutions, has raised $9.3 million in its latest funding round.
The funding round was led by Gradient Ventures and supported by existing investors including F-Prime Capital, Clocktower, Y Combinator, Wollef, and Funders Club.
This latest investment has now pushed Toku’s total funding to nearly $20 million.
Revolutionizing Payment Collections In Latin America
Founded in 2020, Toku has become a leading player in the fintech sector by automating the entire payment processing lifecycle.
Its platform offers varied payment options, handles customer outreach, and optimizes collection strategies using real-time data.
This approach enhances the customer experience by reducing friction and rejection rates and allows companies to collect approximately 5% more revenue at 30% lower costs.
“Latin America’s reliance on manual, inefficient collection processes is a massive drain on businesses and frustrating for their customers,” said Cristina Etcheberry, Co-Founder and CEO of Toku.
She further noted that the new funding would enable Toku to expand its services to major markets in Mexico, Brazil, and Chile.
Looking ahead, Toku plans to use the new capital to further develop its technology and expand its geographic footprint.
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