US-based recurring payments platform Toku has raised USD 93 million in a new funding round to fuel expansion in Mexico, Brazil, and Chile. Toku's platform automates the whole payment processing and collection lifecycle, from offering payment options to handling customer outreach and collection.

This allows companies to reliably collect 5% more revenue while providing a seamless, digital experience for their customers at a 30% lower cost, as per the press release. Toku refines customer communications and collection strategies based on real-time data. The new funding will be used to fuel Toku's expansion in Mexico, Brazil, and Chile.

Since its inception in 2020, the company has consistently grown its revenue by 70% quarterly. Officials from Toku said that Latin America's reliance on manual, inefficient collection processes is a massive drain on businesses and frustrating for their customers. These outdated practices lead to high rejection rates and unnecessary friction.

Their latest round of funding further validates the demand for Toku and they're happy to bring their technology to more businesses and regions. More information about Toku Toku is a financial technology company specialising in comprehensive payment solutions. Founded in 2020, Toku provides tailored payment solutions to industries with recurring payments, empowering businesses to increase revenue while minimising costs through efficient payment processing and enhanced customer experiences.

With operations in Mexico, Chile, and Brazil, Toku is committed to transforming the financial landscape in Latin America. .