Toqio, a London-based software-as-a-service (SaaS) platform aimed at FinTechs, has raised $9.4 million in seed funding.

The start-up said its platform makes it easier for FinTechs to launch financial solutions by removing the need to build and manage complex software.

The funding round was led by Seaya Ventures and Speedinvest, with SIX FinTech Ventures also participating.

Toqio was founded in 2019 by Eduardo Martínez and Michael Galvin, who had previously worked at small business focused SaaS start-up Geniac.

The start-up, which also has offices in Madrid, said it plans to use the funds to expand its platform, enter the US market, and scale its team from 19 to over 100 employees across product development, sales, and other areas.

Toqio said it is also planning to secure a leading market position in Europe by growing its pipeline of business.

The start-up said its customer base already includes Spanish bank Crealsa, business banking service Wamo in Malta, and alternative business lender Just Cash Flow in the UK.

The global FinTech market is expected to be worth $325 billion by 2030, according to statistics from the Business Research Company cited by Toqio.

Non-banking financial services, such as niche FinTech solutions, will grow 48 per cent year-on-year, and Open Banking revenues for corporates and larger businesses will reach $48 billion by 2026 according to these statistics.

“Businesses and banks are looking to innovate in the FinTech sector, but to date, they have had to create and maintain complex software solutions to do this,” said Eduardo Martínez, co-founder and chief executive. “This has also kept smaller niche businesses out of the market.”

He added: “We don’t want FinTech to end up like banking just with a new set of big incumbents trying to take control of financial services. We want to level the playing field.”

Stefan Klestil, general partner at Speedinvest, said: “We’ve seen the rise of neobanks, the change of regulations across multiple markets, and now we’re starting to see traditional businesses and big brands looking to embed financial products within their existing offerings.”

“Financial services are going to change and expand at an unprecedented rate, and Toqio will be instrumental in enabling it.”

He added: “A platform needs to exist to support the demand to innovate in this space, and we’re excited to support Eduardo, Michael and the team, in becoming the go-to middle layer connecting companies and BaaS providers to enable financial innovation.”

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