Toku secures $9.3 million in latest funding round led by Gradient

The round brings the latin-women-founded fintech to nearly $20 million USD in funding

SANTIAGO, Chile, April 17, 2024 /PRNewswire/ -- Toku, an all-in-one recurring payments platform announced today it has raised $9.3 million USD in its latest round of funding. Gradient Ventures led the 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 USD.

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.

"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 "These outdated practices lead to high rejection rates and unnecessary friction.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."

"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."

For more information about Toku and its innovative payment solutions, please visit www.toku.com.

About Toku
Toku is a leading financial technology company specializing in comprehensive payment solutions. Founded in 2020, Toku provides tailored payment solutions to industries with recurring payments, empowering businesses to increase revenue while minimizing costs through efficient payment processing and enhanced customer experiences. With operations in Mexico, Chile, and Brazil, Toku is committed to transforming the financial landscape in Latin America. For more information, visit www.trytoku.com

About Gradient
Gradient Ventures has been investing at the forefront of artificial intelligence since 2017. We are led by former founders, technical experts, and domain specialists, who know how to take an idea to product-market-fit and beyond. Gradient Ventures is headquartered in the San Francisco Bay Area. For more information, visit www.gradient.com. 

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SOURCE Toku