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Toku secures $9.3m in funding round led by Gradient

By Delisha Fernandes

April 22, 2024

  • Fintech news
  • FinTech US
  • Funding
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TokuToku, a FinTech company specialising in comprehensive payment solutions, has raised $9.3 million in its latest round of funding.

Gradient Ventures led the funding round with participation from existing investors F-Prime Capital, Clocktower, Y Combinator, Wollef and Funders Club. The round brings Toku’s total funding to nearly $20 million.

“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. “These outdated practices lead to high rejection rates and unnecessary friction. Our latest round of funding further validates the demand for Toku and we’re excited to bring our technology to more businesses and regions.”

Toku’s platform automates the entire payment processing and collection lifecycle, from offering payment options to handling customer outreach and collection. This allows companies to reliably collect 5% more revenue while providing a seamless digital experience for their customers at a 30% lower cost.

Its platform continuously refines customer communications and collection strategies based on real-time data. The new funding will be used to fuel Toku’s expansion in Mexico, Brazil, and Chile. Since its inception in 2020, the company has consistently grown its revenue by 70% quarterly.

“As LatAm digital commerce grows rapidly, businesses and consumers face challenges in payment processing and communications. Toku delivers best-in-class payments technology with a high-end customer experience to businesses of all sizes and industries,” said Zachary Bratun-Glennon, General Partner at Gradient Ventures. “We’re honored to partner with Toku’s team and are looking forward to the future products in development.”

 

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