The company says it will use the funds to expand the platform’s product offerings, increase team size, secure its market position in Europe and spread to the US.
The company’s SaaS platform involves helping the growing number of fintech startups looking to take advantage of open banking to launch challenger banking services.
Toqio offers pre-built product architectures which include digital onboarding, payments, financing workflows, cards, expense reporting and Know Your Customer tools.
Founded in 2019 by Eduardo Martínez and Michael Galvin, the company operates its service for customers across Europe. The London-based business has clients including Just Cash Flow in the UK, Wamo in Malta, and Spanish challenger bank Crealsa.
“Businesses and banks are looking to innovate in the FinTech sector, but to date, they have had to create and maintain complex software solutions to do this. This has also kept smaller niche businesses out of the market. We don’t want FinTech to end up like banking just with a new set of big incumbents trying to take control of financial services. We want to level the playing field,” CEO and co-founder Martínez said.
As open banking continues to explode, the company should have a wealth of startups to offer their services. The global fintech market is expected to reach $325 billion by 2030, according to The Business Research Company, which spells good things ahead for Toqio.