Fintech solutions development platform Toqio has closed €20 million in Series A funding led by AlbionVC, with participation from Aldea Ventures, Seaya, Speedinvest, SIX Fintech Ventures, and several angel investors.

The €20 million round includes a €1.3 million grant from the Centre for the Development of Industrial Technology (CDTI), a Spanish government agency, for the company’s expansion in Spain.

Toqio’s platform enables businesses to launch embedded finance solutions by removing the need to build and manage complex software from scratch.

Furthermore, Toqio’s marketplace allows businesses to incorporate services provided by financial service providers such as ClearBank, Currencycloud, Modulr, and Railsr into their solution.

The company has offices in London, Madrid and Nairobi, and its clients include Crealsa, Paysme, Blackstar Capital and MovePay.

The latest round also sees the addition of AlbionVC’s Jay Wilson to Toqio’s Board of Directors.

“After rapidly growing our team and entering the Spanish market, we’ll now be broadening our focus within Europe, including expansion into France and Germany,”

said Eduardo Martinez Garcia, CEO & Co-Founder of Toqio.

“We have been incredibly impressed by Toqio’s growth to date and the exceptional quality of the SaaS business it is building,”

said Jay Wilson, Investment Director at AlbionVC.