London-based Software as a Service (SaaS) provider Toqio has raised €20 million during its Series A funding round, the company has announced.
The funding round was led by AlbionVC and includes Aldea Ventures, alongside previous investors Seaya, Speedinvest, and SIX FinTech Ventures.
Earlier this year, the company expanded into the Spanish market. The €20 million in funding includes a €1.3 million grant from The Centre for the Development of Industrial Technology, a public organisation for technology development in Spain.
The company allows any business to launch embedded finance services for their business or customers. Customers include Crealsa, Paysme, Blackstar Capital and MovePay.
The company said its marketplace allows users to incorporate curated FinTech modules into a solution, offered by leading financial service providers including Currencycloud,Modulr, and Railsr.
Commenting on the news, the chief executive and co founder of Toqio Eduardo Martinez Garcia said: “After rapidly growing our team and entering the Spanish market, we’ll now be broadening our focus within Europe, including expansion into France and Germany.”
He added: “This new funding round will enable us to keep evolving and delivering on our vision: we aim to become the world’s premier fintech SaaS platform, giving our clients the ability to create, customise, and launch bank-grade digital finance solutions, enriched by our marketplace of reputable and trusted partners.”
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