Toku, a Chile-based accounts receivable software platform, announced today it has raised US$48 million in Series A funding, bringing its total funding to US$55 million.
The fundraise marks the largest Series A round raised by a female founder in Latin America, led by Toku’s CEO, Cristina Etcheberry.
The round was led by Oak HC/FT, marking the firm’s fourth fintech investment in the region over the past three years.
Existing investors, including Gradient Ventures, F-Prime, Clocktower, Y Combinator and Honey Island by 4UM, also took part in the round.
Toku’s platform integrates with companies’ enterprise resource planning systems, banks and payment rails, helping automate collections and manage payment processes.
The company’s suite offers tools such as configurable payment portals, automated reconciliation and collection optimisation.
In a region where automatic payment adoption remains limited, Toku has increased the use of automated payment methods from ten percent to ninety percent for its clients, which the company says helps improve revenue performance.
By using real-time data, Toku’s system aims to automate the full payment cycle, from payment method selection to customer communication.
The company focuses on Mexico, Brazil and Chile, supporting mid-sized to large enterprises in industries such as insurance, credit, education, real estate and utilities.
Its clients manage collections that range from US$10 million to US$10 billion.
The new capital will be used to strengthen Toku’s current go to market strategy and speed up product development.
According to the company, it more than doubled its revenue in 2024, tripled its total payment volume and recorded a net dollar retention rate of 160 percent.
“Latin America still heavily relies on manual and inefficient payment collection processes, creating challenges for businesses and frustrating customers,”
said Cristina Etcheberry, CEO of Toku.
“These outdated methods lead to high delinquency rates and unnecessary friction. This latest investment round further validates the demand for Toku’s solutions, and we are excited to bring our technology to even more companies and regions,” added Etcheberry, who grew up in Chile in an entrepreneurial and finance-focused family.
Toku was founded to help Latin American businesses reduce their reliance on manual processes, outdated systems and rigid software.
The company says its aim is to ensure revenue is collected reliably and cost effectively, while also improving the payment experience for customers.
Featured image credit: edited from freepik
