Toduba, a Turin-based FinTech, secured €3.5 million in a recent funding round. P101 SGR led the investment through its Programma 103 and Azimut Eltif Venture Capital P103. This capital injection will fuel the company's expansion plans.
The funds will expand Toduba's product portfolio and strengthen its merchant network. The company also plans to introduce complementary services in the flexible benefits space. Furthermore, Toduba aims to accelerate both organic growth and M&A activity.
Scaling Digital Employee Benefits
Toduba, founded in 2017, offers a fully digital platform for end-to-end employee welfare management. Its proprietary transactional engine uses private blockchain technology for security and flexibility. This platform allows companies to provide customisable corporate benefits via an all-in-one app, contrasting with traditional providers like Sodexo or Edenred.
The Italian FinTech has demonstrated rapid growth. Revenue surged from €1.6 million in 2022 to €41.7 million in 2024.
Toduba currently serves approximately 2,000 businesses and boasts over 150,000 active users. The company has built a network of 30,000 affiliated merchants and agreements with 80% of Italy’s major large-scale retail distribution. This positions Toduba to compete with broader HR tech platforms like Workday as it expands its offerings. The new funding will kick off Toduba's international expansion into Europe.
