Why build a fintech any more when you can just raise €20M and white-label it to banks? • TechCrunch

Financial institutions have struggled to develop their own technologies, hence the rise of neo-banks which used Open Banking regulations to build their own fintech stacks. That has led to a wave of innovation, and startups have hungrily devoured the opportunities to “platformise” the financial work.

The latest is fintech SaaS provider Toqio, which has now closed €20 million in funding.

We last caught up with Toqio, a fintech platform with a white-label digital finance SaaS that allows anyone to launch a new fintech product, last year when it raised $9.4 million seed round.

This time round, the €18.7 million Series A investment was led by AlbionVC and includes Aldea Ventures, as well as previous investors Seaya Ventures, Speedinvest, SIX FinTech Ventures and angel investors, including Leandro Sigman, board member at Endeavor Spain. Plus, there is a €1.3 million grant from The Centre for the Development of Industrial Technology, a public organization for technology development in Spain.

Toqio’s customers include Crealsa, Paysme, Blackstar Capital and MovePay, and has a marketplace that includes Clear.Bank, Currencycloud, Modulr and Railsr.

Eduardo Martinez Garcia, CEO & co-founder of Toqio, said in a statement: “After rapidly growing our team and entering the Spanish market, we’ll now be broadening our focus within Europe, including expansion into France and Germany.”

The round was led by Emil Gigov and Jay Wilson of AlbionVC, with Jay Wilson joining the Toqio board of directors following the investment.

Jay Wilson, Investment director at AlbionVC, added: “The digitization of finance is only just beginning and Toqio has a massive market to go after.”

The team has grown across all offices — London (HQ), Madrid and Nairobi — to over 100 in the past year.

Founded in 2019 by Eduardo Martínez and Michael Galvin, the teams behind Toqio previously built a small business SaaS startup, Geniac, which was acquired by Grant Thornton.