Chilean startup Toku has recently secured $7.1 million in seed funding to expand its operations in Mexico. The funding round was led by Kaszek Ventures, one of the largest venture capital firms in Latin America, alongside other investors such as QED Investors and Magma Partners.
Toku is a digital platform that provides financial services to small and medium-sized enterprises (SMEs) in Latin America. The platform offers a range of services including online payments, credit lines, and financial management tools. Toku aims to provide SMEs with access to affordable and convenient financial services, which are often difficult to obtain through traditional banking channels.
The startup was founded in 2019 by a team of experienced entrepreneurs and financial experts. Since then, Toku has rapidly grown its customer base and expanded its operations across Chile. The company has also established partnerships with leading financial institutions in the region, including Banco Santander and Banco de Chile.
With the new funding, Toku plans to expand its operations in Mexico, one of the largest and fastest-growing markets for SMEs in Latin America. The company aims to leverage its expertise and technology to provide Mexican SMEs with access to affordable and convenient financial services, which are often difficult to obtain through traditional banking channels.
Toku’s expansion into Mexico is expected to create new opportunities for the company and its investors. Mexico’s SME sector is estimated to be worth over $400 billion, with over 4 million businesses operating in the country. However, many of these businesses face significant challenges in accessing finance, which limits their growth potential.
Toku’s digital platform aims to address these challenges by providing SMEs with access to a range of financial services that are tailored to their needs. The platform uses advanced technology and data analytics to assess the creditworthiness of SMEs and provide them with affordable credit lines.
The company’s expansion into Mexico is also expected to create new jobs and economic opportunities in the country. Toku plans to hire local talent and establish partnerships with local financial institutions to support its operations in the country.
Overall, Toku’s $7.1 million seed funding round is a significant milestone for the company and its investors. The funding will enable Toku to expand its operations in Mexico and provide SMEs with access to affordable and convenient financial services. As the company continues to grow, it is expected to play a key role in supporting the growth and development of SMEs in Latin America.
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