Toku, an all-in-one recurring payments platform, announced it raised $9.3 million in its latest round of funding. Gradient Ventures led the round, which included existing investors F-Prime Capital, Clocktower, Y Combinator, Wollef, and Funders Club. This round brings Toku’s total funding to nearly $20 million.
Toku’s platform automates the whole payment processing and collection lifecycle, from offering payment options to handling customer outreach and collection. This enables companies to collect 5% more revenue reliably while providing a seamless and digital experience for their customers at a 30% lower cost. This platform continuously refines customer communications and collection strategies based on real-time data.
This new funding round will fuel Toku’s expansion in Mexico, Brazil, and Chile. Since its founding in 2020, the company has consistently grown its revenue by 70% quarterly.
KEY QUOTES:
“Latin America’s reliance on manual, inefficient collection processes is a massive drain on businesses and frustrating for their customers. These outdated practices lead to high rejection rates and unnecessary friction.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.”
– Cristina Etcheberry, co-founder and CEO of Toku
“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. We’re honored to partner with Toku’s team and are looking forward to the future products in development.”
– Zachary Bratun-Glennon, General Partner at Gradient Ventures
