Toku Raises US$48 Million to Expand Services Across Latin America

Toku, a Latin American software-as-a-service platform specializing in account receivables, announced it has raised US$48 million (MX$946 million) in Series A funding round, bringing its total financing to US$55 million.  According to the company, this marks the largest Series A raised by a female founder in the region. 

The round was led by Oak HC/FT with participation from existing investors Gradient Ventures, F-Prime, Clocktower, Y Combinator, and Honey Island by 4UM. Notably, this is Oak HC/FT’s fourth fintech investment in Latin America in the past three years.

Toku integrates companies’ enterprise resource planning (ERP) systems with banks and payment rails, enabling automation and optimization of payment collection. The platform includes payment orchestration, automated reconciliations, customizable portals, and collection strategies.

The company serves mid-market and enterprise clients in Mexico, Brazil, and Chile, operating across industries like insurance, credit, education, real estate, and utilities. Its software supports businesses managing between US$10 million and US$10 billion in receivables. Prominent clients include Chevrolet, Mapfre, Liverpool, and MetLife.

Cristina Etcheberry, Co-founder and CEO, Toku, stated that the new funding will drive product development and market expansion. In 2024, the company achieved impressive growth, doubling revenue, tripling total payment volume, and recording 160% net dollar retention.

“Latin America still heavily relies on manual and inefficient payment collection processes, creating challenges for businesses and frustrating customers,” Etcheberry said. “This investment further validates the demand for Toku’s solutions.”

Currently, Toku employs over 150 people and supports 450 enterprise clients across the region, and has helped increase usage from 10% to 90%. Its mission is to reduce delinquency rates and enhance payment reliability through automation and integration.

Allen Miller, partner, Oak HC/FT, highlighted Toku's impact, saying, “Mid-to-large enterprises in Latin America face high operational costs, complex payment infrastructures, and increasing delinquency rates. Toku addresses these challenges and empowers businesses across diverse industries.”