Italian FinTech platform Toduba raises €3.5 million to digitise the employee welfare sector

Toduba, a Turin-based company innovating the employee welfare landscape by leveraging a proprietary, cloud-native technology platform, has raised €3.5 million to expand their product portfolio, strengthen its merchant network, and introduce complementary services.

The investment was provided by P101 SGR, finalising their thirteenth investment via Programma 103 and Azimut Eltif Venture Capital P103. P101 joins previous investors who supported Toduba’s vision, including CDP Venture Capital SGR through its Fondo Rilancio Startup.

Gianluca Enrietti, CEO and Co-founder of Toduba, said: “We are proud to have P101 on board as we enter this new growth phase. Their support confirms that Toduba’s open and scalable model is the right answer to a rapidly evolving welfare landscape – one that is increasingly transparent, flexible, and locally rooted. With our proprietary technology, we have built a truly people-centric welfare platform. Now, with the new capital injection, we are ready to take our unique model to Europe.”

Founded in 2017 by Gianluca Enrietti and Bruno Cavigioli to simplify and democratise access to corporate benefits, Toduba operations began in 2020 by digitising solidarity vouchers issued by Italian municipalities during the COVID-19 pandemic.

Todoba offers companies a fully digital platform for end-to-end employee welfare management. At the core of Toduba’s platform lies a proprietary transactional engine based on private blockchain technology, designed to ensure security, traceability, and flexibility. Benefits can be redeemed cumulatively, fractionally, and even down to the cent.

Via an all-in-one app, companies can reportedly seamlessly provide all major benefits, fully customisable to employee needs and compliant with current regulations. Individuals can activate their favourite shops and restaurants directly within the app.

In three years, Todoba revenue surged from €1.6 million in 2022 to €41.7 million in 2024, with more than 150,000 active users on the platform. Toduba counts on a network of 30,000 affiliated merchants and agreements with 80% of Italy’s major large-scale retail distribution. The company serves around 2,000 businesses, mostly SMEs, and collaborates with partners such as WTW, Randstad, and Happily.

The new funding will be used to expand Toduba’s product portfolio, strengthen its merchant network, accelerate both organic growth and M&A activity, introduce complementary services in the flexible benefits space, and kick off its international expansion.

“We strongly believe in Toduba’s potential. The company brings genuine innovation to the traditional corporate welfare space via its proprietary tech and human-centric approach” said Alessandro Tavecchio, Partner at P101. “With a strong traction and a fast-growing market, Toduba is well positioned to lead the next phase of welfare transformation. Italian market still shows huge whitespace, while businesses and public institutions are becoming increasingly aware of its strategic and social value, with regulations growing more favourable. We will support Toduba with our experience, network, and resources, confident in its ability to seize the opportunity in this fast-evolving market.”

The investment comes at a pivotal time for the employee welfare sector, which is increasingly seen as a strategic asset supporting worker wellbeing and boosting corporate competitiveness.

According to P101, the market is being reshaped by major changes in the world of work, pushing companies to rethink their social role. Within this “future of work” scenario, the demand for digital, flexible, and customisable solutions is growing. In Italy, the market is still emerging: only 18% of companies currently offer structured welfare programmes, compared to 48% in France.

In Italy, the meal voucher market alone is worth over €4 billion, with potential exceeding €33 billion. The corporate welfare segment is valued at €5 billion but could grow by a further €27 billion. Meanwhile, the gift card sector is forecast to grow 14% annually, reaching €16 billion by 2028 – all according to data provided by P101.

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