Toqio has secured €20m (£17.84m) in funding, consisting of a €18.7m (£16.6m) Series A led by AlbionVC and a €1.3m (£1.1m) grant for its white label fintech platform.
Using Toqio’s low-code software companies can create branded banking or finance solutions in a matter of weeks, according to the company.
The additional capital will go towards Toqio’s continued growth across Europe.
Eduardo Martinez Garcia, CEO and co-founder of Toqio, 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.
Earlier this year the SaaS company launched in Spain and received a €1.3m (£1.1m) grant from the Spanish Centre for the Development of Industrial Technology.
Headquartered in London, Toqio has additional offices in Madrid and Nairobi. It has over 100 employees.
“The digitisation of finance is only just beginning, and Toqio has a massive market to go after. Mostly, we have been incredibly impressed with Eduardo and Mike and the team they have built around them and look forward to playing a small part to support them in delivering on their bold ambition,” said Jay Wilson, investment director, AlbionVC.
Wilson will join Toqio’s board as part of the investment.
Founded in 2019, its founders Eduardo Martinez and Michael Galvin previously founded SaaS startup Geniac, which was acquired by Grant Thornton.
Aldea Ventures, as well as prior investors Seaya, Speedinvest, SIX FinTech Ventures and Leandro Sigman also contributed to the Series A.
Toqio’s customers include Crealsa, Paysme and MovePay. It competitors include mmob and Weavr.
Alfonso Bassols, managing partner, Aldea Ventures, said: “Toqio is in an exceptional position to grow further as the market continues to mature and more businesses recognise they don’t need to build from scratch to deliver exceptional financial services to their customers.”