Toku, a SaaS platform focused on accounts receivable automation, has raised $48 million in Series A funding, bringing its total raised to $55 million. The round marks the largest Series A secured by a female founder in Latin America, led by Cristina Etcheberry. Oak HC/FT led the investment, marking its fourth fintech bet in the region over the past three years.
Returning investors Gradient Ventures (Google’s fund), F-Prime, Clocktower, Y Combinator, and Honey Island by 4UM also joined the round.
Toku offers software that connects companies’ ERP systems with banks and payment infrastructure to automate collections and improve the payment experience. Its tools include customizable payment portals, automated reconciliation, and smarter collection strategies. In a region where only 10% of payments are automated, Toku boosts automation rates up to 90%.
By automating the entire payment cycle—selection, communication, and follow-up—Toku helps reduce friction and increase revenue. The company currently operates in Mexico, Brazil, and Chile, focusing on sectors such as insurance, credit, education, real estate, and utilities.
With the new funds, Toku plans to double down on its go-to-market strategy and accelerate its product development. The company saw notable growth in 2024, with revenue more than doubling, total payment volume tripling, and net dollar retention reaching 160%.
Toku is also aiming to grow its team and expand its reach across Latin America. Today, the company employs more than 150 people and works with over 450 enterprise clients, including Chevrolet, Mapfre, Liverpool, and MetLife.
Founded in 2020, Toku was born from a mission to eliminate outdated, manual payment processes in Latin America. CEO Cristina Etcheberry, who grew up in Chile in a finance-focused entrepreneurial family, has built the company with a focus on reliability, cost-efficiency, and customer-centricity.
"Latin America still heavily relies on manual and inefficient payment collection processes, creating challenges for businesses and frustrating customers," said Etcheberry. "These outdated methods lead to high delinquency rates and unnecessary friction. This latest investment round further validates the demand for Toku’s solutions."
Oak HC/FT’s investment in Toku continues the firm’s strategy of supporting fintech innovation in emerging markets. “Toku is addressing this pain point and empowering businesses across diverse industries with its seamless, world-class payment technology,” said Allen Miller, Partner at Oak HC/FT.
The round also included continued support from Gradient Ventures, F-Prime Capital, Clocktower Ventures, Y Combinator, and Honey Island by 4UM.
