Toku raises $48 million in Series A funding to modernize payment collections and drive efficiency for enterprises across Latin America
Highlights:
- Toku raises $48 million in Series A funding, marking the largest round by a female founder in Latin America.
- The platform integrates ERP systems with banks and payment rails, automating collections and enhancing payment efficiency.
- Expansion plans focus on Mexico, Brazil, and Chile, serving industries like insurance, education, and real estate.
Story Summary: Toku, a Chile-based accounts receivable SaaS platform, has successfully raised $48 million in a Series A funding round led by Oak HC/FT, with participation from Gradient Ventures, F-Prime, and Y Combinator. This funding, the largest Series A round by a female founder in Latin America, brings Toku’s total funding to $55 million. The platform connects enterprise resource planning systems with banks and payment rails, offering tools like customizable payment portals and automated reconciliations.
Toku’s solutions aim to replace manual payment collection processes, increasing automation adoption from 10% to 90% for its clients. With over 450 enterprise customers, including Chevrolet and MetLife, Toku plans to expand its operations in Mexico, Brazil, and Chile, transforming payment collections across diverse industries. This investment highlights the growing demand for innovative financial technologies in the region.
