Earlier this month, Oak HC/FT announced that we are leading a $48 million Series A investment in Toku – a category-defining platform modernizing the way businesses across Latin America collect, reconcile, and optimize payments. This marks the largest Series A ever raised by a female founder in LatAm and our fourth fintech investment in the region.
Across LatAm, payment collection processes are still largely manual and inefficient, slowing growth for thousands of mid-market and enterprise businesses in the region. Finance teams are bogged down by disjointed workflows – from reconciling endless spreadsheets to managing scattered payment streams to handling collections across multiple payment methods – which eats up valuable time and ties up cash. The landscape is also highly localized and fragmented. About 95% of businesses rely on local banks to process payments, payment methods vary widely from country to country, and consumers use credit and debit cards far less often than in the U.S.
Perhaps most importantly, this pain point is broad – LatAm is home tomore than 130,000 mid-market and enterprise companies. On top of that, the region’s fragmented banking systems and complex regulatory environments have made it challenging to deploy scalable, efficient software solutions, leaving a significant gap in the market.
Toku’s platform is purpose-built for this unique landscape. By combining software-led workflows with embedded payments infrastructure, Toku replaces legacy ERP plug-ins, manual bank reconciliations, and outsourced collection agencies – giving finance teams much-needed visibility and control. The platform sits between the ERP and the banks, handling the end-to-end process of data centralization, invoice generation, dunning, payment orchestration, fraud prevention, and tax reporting.
Toku has executed exceptionally well since launch. The company is now focused on Mexico, Brazil, and Chile, and today serves more than 450 mid-market to enterprise businesses across industries like insurance, credit, education, real estate, and utilities. Toku helps finance teams work faster and smarter by automating communications, reconciliation, and payment routing – leading to lower DSO, reduced bad debt, and fewer internal resources needed for collections.
In a region where automatic payment adoption is typically low, Toku increases automated payment methods from around 10% to 90%, helping companies significantly boost their revenue.
Toku is led by Cristina Etcheberry, a first-time founder thatbrings a deep-rooted understanding of LatAm’s nuanced payments landscape. Raised in Santiago, Chile, Cristina got an early look into the world of payments through her father, Javier Etcheberry, head of Chile’s Internal Revenue Service who also founded Multicaja (now Klap), a major paymentsprocessor in Chile. Inspired by her father’s early foray into fintech, Cristina launched Toku in 2020 alongside co-founders Francisca Noguera and Enzo Tamburini. Since then, Cristina has shown extraordinary leadership and vision – building a high-performing team that blends product strength with operational excellence and making bold, thoughtful decisions that have driven Toku’s rapid growth.
At Oak HC/FT, we have long believed that LatAm is one of the most compelling markets for fintech innovation. Payments infrastructure across the region is still under construction – with the right tailwinds driving change. This creates significant opportunities for companies like Toku that deeply understand local nuances and are designing products tailored to the region’s complexity.
This investment reinforces our long-term commitment to backing transformational companies in LatAm. We partner with founders who are reimagining large, complex markets – and we believe Toku isdoing just that. We couldn’t be more thrilled to partner with Cristina and the Toku team in the years to come.