Toku, an accounts receivable SaaS platform, announced that it has raised $48 million in Series A funding, bringing its total funding to $55 million. With this funding, Toku and CEO Cristina Etcheberry have raised the largest Series A by a female founder in Latin America. The funding round was led by Oak HC/FT, representing its fourth fintech investment in LatAm in the past three years. Existing investors, including Gradient Ventures, F-Prime, Clocktower, Y Combinator, and Honey Island by 4UM, also participated.
Toku’s software connects company ERPs with banks and payment rails, enabling payment orchestration and automated collections. Its suite includes customizable payment portals, automated reconciliations, and optimized collection strategies. In Latin America, where automatic payment adoption has been low, Toku increased automated payment methods from 10% to 90%, significantly boosting companies’ revenue.
By utilizing real-time data, Toku automates the entire payment cycle – from method selection to customer engagement – enhancing both efficiency and user experience.
The company is focused on Mexico, Brazil, and Chile, serving mid-market to enterprise businesses in sectors like insurance, credit, education, real estate and utilities, handling collections from ranges of $10 million to $10 billion. And the newly raised funds will be deployed to double down on its existing go-to-market strategy, while accelerating its product development. Last year, Toku more than doubled in revenue, tripled its TPV, and achieved 160% net dollar retention.
Toku now has more than 150 employees across Latin America and serves more than 450 enterprises, including Chevrolet, Mapfre, Liverpool, and MetLife.
Toku was created to free Latin American enterprises from outdated processes, manual tasks, an inflexible software stack, and unnecessary risks. The company ensures that businesses receive their revenue reliably and cost-effectively while enhancing the payment experience for their customers.
KEY QUOTES:
“Latin America still heavily relies on manual and inefficient payment collection processes, creating challenges for businesses and frustrating customers. These outdated methods lead to high delinquency rates and unnecessary friction. This latest investment round further validates the demand for Toku’s solutions, and we are excited to bring our technology to even more companies and regions,” added Etcheberry, who grew up in Chile in an entrepreneurial and finance-focused family.”
“Mid-to-large enterprises in Latin America are navigating high operational costs, complex payment infrastructures, and increasing delinquency rates,” said Allen Miller, Partner at Oak HC/FT. “Toku is addressing this pain point and empowering businesses across diverse industries with its seamless, world-class payment technology. We are thrilled to partner with the Toku team and look forward to supporting the company in this next phase of growth.”
“We aim to provide peace of mind, acting as a trusted partner that safeguards our clients’ revenue streams. By enabling businesses to focus on their core operations without added payment concerns, we help them achieve their goals. Our impact may be indirect, but it is significant – we continuously work alongside our clients to refine our services, aiming to reach over 100 million people in the next few years.”
- Cristina Etcheberry, CEO of Toku
