“Can a no-code/low-code BaaS orchestration platform turn corporates and financial institutions into fast-moving distributors of embedded financial services for SMEs?”
Founded in 2019 as a SaaS platform enabling corporates and financial institutions to build embedded financial products. Toqio pioneered what it calls the 'Agent 2.0' model, positioning corporates as high-performance distributors of financial services. The platform evolved from a white-label BaaS orchestrator integrating Railsbank and Modulr into a broader marketplace connecting banks, fintechs, and corporates across banking, lending, cards, and payments. The company has leaned heavily into B2B embedded finance for SME distribution networks, particularly around working capital and liquidity solutions.
Toqio discloses Railsr as its banking provider, according to the Embedded Finance Index 2026.
Toqio does not disclose a bank charter of its own; its banking services are provided through Railsr.
Toqio's cards are issued through Modulr.
The Embedded Finance Index 2026 maps 3 layers in Toqio's stack: Banking / BaaS (Railsr); Card issuing (Modulr); Lending (Short-term loans, Working capital solutions and Embedded lending API).
Toqio is founded in 2019 and headquartered in London, UK (with presence in Spain, Kenya, Switzerland).
Toqio has raised $29.1M in total (latest round: unknown).
Get a read on where your own stack stands against Toqio and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.