The company provides a modern, automated account receivables platform that integrates directly with ERPs and payment systems in Mexico, Chile and Brazil.
In a historic moment for Latin America’s startup ecosystem, Cristina Etcheberry, CEO and co-founder of Toku, has raised $48 million in Series A funding—marking the largest Series A round ever by a female founder in the region.
The funding brings Toku’s total to $55 million and places the company at the forefront of Latin America’s digital transformation in payments and receivables.
This landmark raise is both a win for Toku and testament to the strength of women-led innovation and the increasing role of American-based investors in emerging markets.
Pioneering a New Financial Infrastructure
Founded in 2020 in Mexico City, Toku provides a modern, automated account receivables platform that integrates directly with ERPs and payment systems. By orchestrating the entire payment cycle—from method selection and customer engagement to reconciliations and collections—Toku helps businesses replace outdated manual processes with intelligent automation.
In Latin America, where only 10% of payments are automated in many industries, Toku increases that figure to up to 90%, driving revenue growth and reducing delinquency. Its clients range from insurance and real estate firms to utility providers and educational institutions, with major brands like Chevrolet, Mapfre, Liverpool, and MetLife already on board.
The company currently operates across Mexico, Brazil, and Chile, managing collections from $10 million to $10 billion and serving over 450 enterprise clients.
A Record-Breaking Female Founder: Cristina Etcheberry
At the helm of this success is Cristina Etcheberry, a Chilean entrepreneur who grew up in a family immersed in finance and entrepreneurship. As a woman navigating the traditionally male-dominated fintech and venture capital space in Latin America, Etcheberry’s achievement is groundbreaking.
“This latest investment round further validates the demand for Toku’s solutions,” said Etcheberry. “We are excited to bring our technology to even more companies and regions. Latin America still heavily relies on manual and inefficient payment collection processes, creating challenges for businesses and frustrating customers.”
Her leadership is not just reshaping payment processes—it’s reshaping representation. As the region’s female entrepreneurs continue to face funding gaps, Etcheberry’s record-setting raise sets a new standard for what’s possible.
The Power of U.S.-Based Venture Support
Toku’s funding round was led by Oak HC/FT, a U.S.-based growth equity firm with a dual focus on healthcare and fintech. This is Oak’s fourth fintech investment in Latin America in just three years, signaling a growing interest by American investors in tapping into the region’s rapidly digitizing markets.
“Mid-to-large enterprises in Latin America are navigating high operational costs, complex payment infrastructures, and increasing delinquency rates,” said Allen Miller, Partner at Oak HC/FT. “Toku is addressing this pain point and empowering businesses across diverse industries with its seamless, world-class payment technology.”
Oak HC/FT, headquartered in Stamford, Connecticut, with an office in San Francisco, manages over $5.3 billion in assets and is increasingly positioning itself as a key player in funding startups in underrepresented markets.
The Series A round also drew continued support from a notable group of existing investors:
- Gradient Ventures, Google’s AI-focused venture fund
- F-Prime Capital, affiliated with Fidelity Investments
- Clocktower Technology Ventures
- Y Combinator
- Honey Island by 4UM
Each of these U.S.-based funds brings domain expertise and strong operational support—amplifying Toku’s capacity to scale and innovate.
Scaling with Purpose and Impact
With more than 150 employees and 160% net dollar retention, Toku’s metrics point to a product deeply embedded in customer operations. In 2024 alone, Toku more than doubled its revenue and tripled total payment volume (TPV). These are not just signals of traction—they indicate that Toku is solving real, pressing problems across industries.
And the mission runs deeper than payment automation. Etcheberry sees Toku as a platform for economic stability across the region.
“Our impact may be indirect, but it is significant,” she said. “We aim to reach over 100 million people in the next few years by ensuring businesses get paid reliably and efficiently.”
What’s Next for Toku
Armed with fresh capital, Toku plans to double down on its go-to-market strategy, deepen its presence in its three core markets, and accelerate product development to meet increasing demand.
As the company continues to modernize the Latin American enterprise payment landscape, it also serves as a case study in how U.S. venture capital supports high-impact founders beyond Silicon Valley—especially when those founders bring unique perspectives and bold visions.
At the intersection of innovation, financial empowerment, and gender equity, Toku is an example of the right capital meeting the right founder, making borders irrelevant—and opportunities great.
