The Swiss company Yokoy continues its growth plan and announces its expansion to Spain, with a local team and office in Madrid to support regional operations.
Hereby, the fintech company underlines the great potential for hyperautomation of spend management in the Spanish market and brings its unique end-to-end solution to the southern European region. This follows the opening of the European hub in Amsterdam and the successful closing of the $80M Series B funding round. Yokoy’s platform uses artificial intelligence (AI) and learns on the go. This allows it to significantly reduce human intervention, potential manual errors, and finance team costs.
With a disruptive and forward-thinking approach to spend management automation, Yokoy’s mission is to centralise the three main pillars of business spending: supplier invoices, corporate cards, and expenses. Yokoy is a comprehensive, automated spend management solution, with an in-house developed algorithm that enables the platform to learn on the go. In addition to saving time and creating efficiency for employees, it also reduces up to 80% of the costs related to spend management.
Trusted provider in spend management automation for Spanish companies
In Spain, mid- to large-sized enterprises show high interest in implementing automated spend management solutions. “We are already engaging with Spanish customers and aim to significantly grow our business in the coming months. We follow an ambitious business plan for Spain, relying on our previous expansions as a blueprint as well as on our sound product know-how and financial expertise,” says Philippe Sahli, CEO of Yokoy.
He adds: “Unlike many companies that simply aim to automate processes, Yokoy’s mission is to transform the way business spending is managed by leveraging applied artificial intelligence. We understand the needs of global but also regional companies when it comes to modernising their processes, and designed the Yokoy platform to be customisable and scalable, covering the entire enterprise spend management cycle.”
The new Yokoy office in Madrid will house employees across various office functions focusing on the Spanish market. This will ensure the company’s position as a trusted provider for spend management solutions for midsize and enterprise level companies.
Steady growth in multiple European markets
Founded in 2019, Yokoy's annual growth has been 400%. This explains the backing of powerful venture capital investors such as Sequoia Capital, Left Lane Capital, Balderton Capital, Swisscom Ventures, SIX FinTech Ventures Fund and more. In March 2020, Yokoy raised seed capital ($1.7M) co-led by Swisscom Ventures and SIX FinTech Ventures Fund. After completing a Series A round in October 2021 ($26M), the company closed another round of funding led by Sequoia Capital ($80M, Series B) in March 2022. The Swiss fintech has over 250 employees, counts more than 500 customers and is currently present in six countries (Switzerland, Germany, Austria, the Netherlands, Serbia, and now Spain) – with plans for further growth in Europe.