High-Level Overview
Toku is a Latin American fintech SaaS platform specializing in automating and optimizing accounts receivable processes for mid-market to enterprise companies across Mexico, Brazil, and Chile. Its software connects companies’ ERPs with banks and payment rails to orchestrate payments, automate collections, and provide customizable payment portals. This automation boosts payment collection rates dramatically—from around 10% to 90%—by replacing manual, inefficient processes prevalent in the region. Toku serves sectors such as insurance, credit, education, real estate, utilities, telecommunications, and finance, helping businesses handle collections ranging from $10 million to $10 billion. In 2024, Toku more than doubled its revenue, tripled its total payment volume (TPV), and achieved a 160% net dollar retention rate, reflecting strong growth momentum and market validation[1][2][3][5].
For an investment firm, Toku’s mission is to transform Latin America’s fragmented and manual payment collection landscape by providing a seamless, automated accounts receivable platform that increases revenue and operational efficiency for enterprises. Its investment philosophy centers on leveraging technology to solve critical financial infrastructure challenges in emerging markets, focusing on fintech SaaS solutions with strong regional product-market fit. Key sectors include financial services, insurance, education, utilities, and telecommunications. Toku’s impact on the startup ecosystem is significant, as it sets a benchmark for fintech innovation in Latin America, attracting substantial capital (notably a record $48 million Series A led by Oak HC/FT) and demonstrating scalable SaaS growth in a traditionally underserved market[1][3].
For a portfolio company, Toku builds a cloud-based accounts receivable automation platform that serves B2B enterprises with recurring payments or large invoice volumes. It solves the problem of low automation and high delinquency rates in Latin American payment collections by automating payment method management, failed payment retries, reminders, and reconciliations. This reduces manual workload, minimizes revenue leakage, and improves cash flow predictability. The company’s growth momentum is robust, with rapid revenue and TPV expansion, a growing client base of over 450 enterprises (including Chevrolet, Mapfre, Liverpool, and MetLife), and a team of 150 employees[1][2][4].
Origin Story
Toku was founded in 2020 by Cristina Etcheberry and Francisca Noguera, both Chilean entrepreneurs with backgrounds in business, economics, and product management. Cristina, the CEO, grew up in an entrepreneurial and finance-focused family and has experience as a product owner in Latin America’s largest airline. Francisca, co-founder and CRO, worked in Chile’s financial market at Falabella and holds a degree in Business and Economics from Pontificia Universidad Católica de Chile. The idea for Toku emerged from recognizing the widespread inefficiencies and manual processes in Latin America’s accounts receivable and payment collection systems, which created operational challenges and revenue leakage for enterprises. Early traction included securing clients across Mexico, Brazil, and Chile and raising initial funding rounds, culminating in a record-breaking $48 million Series A in 2024, the largest ever for a female founder-led startup in the region[1][3][4].
Core Differentiators
- Product Differentiators: Toku offers a fully integrated SaaS platform that automates the entire accounts receivable cycle, including payment orchestration, automated retries, customizable payment portals, and AI-driven customer communication via WhatsApp, SMS, and email. It supports multiple payment methods tailored to Latin American markets and provides real-time reconciliation and reporting[1][2][5].
- Developer Experience: The platform seamlessly connects with existing ERPs and CRMs, enabling easy integration without requiring companies to build custom solutions. This reduces implementation friction and accelerates time to value[2][5].
- Speed, Pricing, Ease of Use: By automating manual workflows and increasing automated payment adoption from 10% to 90%, Toku significantly speeds up collections and reduces operational costs. Its SaaS model offers scalable pricing aligned with enterprise needs[1][3].
- Community Ecosystem: Toku serves over 450 enterprises across key Latin American markets, including major brands like Chevrolet, Mapfre, Liverpool, and MetLife. Its strong regional focus and understanding of local payment behaviors differentiate it from global competitors like Sage and Generix Group[1][2].
Role in the Broader Tech Landscape
Toku rides the global fintech trend of automating financial operations, specifically targeting accounts receivable—a critical but often overlooked area in emerging markets. The timing is crucial as Latin America’s digital payment infrastructure matures but still suffers from high manual intervention and delinquency rates. Market forces such as increasing enterprise digitization, demand for operational efficiency, and rising subscription-based business models favor Toku’s growth. By improving cash flow reliability and reducing revenue leakage, Toku enables enterprises to scale more confidently. Its success also encourages further fintech innovation and investment in Latin America, helping modernize the region’s financial ecosystem[1][3][5].
Quick Take & Future Outlook
Looking ahead, Toku is poised to deepen its penetration in Mexico, Brazil, and Chile while expanding into additional Latin American countries. Continued product innovation—such as enhanced AI-driven customer engagement and broader payment method integrations—will likely sustain its competitive edge. Trends shaping its journey include growing digital payment adoption, regulatory support for fintech, and increasing enterprise demand for automation. As Toku scales, its influence may extend beyond accounts receivable automation to broader financial operations, positioning it as a foundational fintech infrastructure player in Latin America. This trajectory aligns with its mission to fix the region’s broken billing systems and empower enterprises to focus on growth rather than collections[1][3][5].
