Toduba, an employee welfare platform based in Turin, has raised €3.5 million (US$3.8 million) in funding to enhance its services and expand its merchant network.

The funding round was led by P101 SGR through its Programma 103 and Azimut Eltif Venture Capital P103 funds, with participation from CDP Venture Capital SGR.

Founded in 2017, Toduba offers a digital platform for managing employee benefits using blockchain technology.

The platform allows for flexible benefit redemption and customization, serving both employees and employers.

The company works with around 2,000 small and medium-sized enterprises and has a network of 30,000 affiliated merchants.

The new funding will enable Toduba to expand its product offerings and introduce additional services in flexible benefits. It will also accelerate its growth in Europe.