Toqio Secures $9.4M Seed Funding

The Rise of Fintech Platforms and Toqio's Seed Funding

The implementation of Open Banking regulations in regions such as the UK and the EU has spurred the emergence of numerous challenger banks. However, this increased competition presents a challenge for both established banks and new fintech companies.

Interestingly, the companies poised to benefit most from this landscape are those providing the foundational tools – the “picks and shovels” – for others to build upon.

Toqio: A White-Label Digital Finance SaaS

Recognizing this trend, startups are increasingly focusing on developing full-stack platforms. These platforms empower others to launch their own fintech ventures and products.

Toqio is a recent entrant in this space, offering a white-label digital finance SaaS designed to facilitate the launch of new fintech products.

The London-based startup has successfully secured a seed funding round of €8M (approximately $9.4M). This investment was led by Seaya Ventures and Speedinvest, with participation from SIX FinTech Ventures.

Founding and Previous Experience

Established in 2019 by Eduardo Martínez and Michael Galvin, the Toqio team brings prior experience in the SaaS sector.

Previously, they founded Geniac, a small business SaaS startup that was later acquired by Grant Thornton.

Addressing the Fintech Innovation Gap

“Many businesses and banks are eager to innovate within the FinTech sector,” explains Eduardo Martínez, co-Founder and CEO of Toqio. “However, they often face the hurdle of creating and maintaining complex software solutions.”

He further emphasizes that this complexity can exclude smaller, specialized businesses from entering the market. Toqio aims to democratize access to fintech innovation, preventing the sector from becoming dominated by a new set of large incumbents.

Toqio's Platform Capabilities

Toqio provides its customers with access to pre-built products. This allows for the rapid development and deployment of applications.

These products encompass solutions for digital banking, card services, and financing, as well as a dedicated marketplace. The platform targets financial institutions, fintech startups, banks, and corporate brands.

Current Customer Base

With headquarters in both London and Madrid, Toqio already serves a growing customer base across Europe.

Current clients include Crealsa, a new Spanish bank, Wamo, a business banking service based in Malta, and Just Cash Flow, an alternative business lender in the UK.

Investor Perspectives

Aristotelis Xenofontos, Principal at Seaya Ventures, notes, “We’ve been closely monitoring the Embedded Finance landscape and identified a crucial missing component – a seamless enabler to integrate everything effectively.”

He believes Toqio is a comprehensive, end-to-end platform that offers a complete plug-and-play banking solution, enabling organizations to deliver a full suite of digital financial services quickly, affordably, and with future-proof capabilities.

Stefan Klestil, General Partner at Speedinvest, adds, “We’ve observed the growth of neo-banks, regulatory changes in various markets, and now a trend of traditional businesses and major brands seeking to integrate financial products into their existing offerings.”

He predicts a period of unprecedented change and expansion in financial services, with Toqio playing a key role in facilitating this evolution.