Swiss fintech Yokpy opens an office in Spain
Swiss company Yokoy continues its growth plan and announces its expansion into Spain, with a local team and office in Madrid to support regional operations.
The fintech company hereby emphasizes the great potential for hyper-automation of consumption 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 fly. This makes it possible to significantly reduce human intervention, potential manual errors and the finance team’s costs.
With a disruptive and forward-thinking approach to expense management automation, Yokoy’s mission is to centralize the three main pillars of business expenses: vendor invoices, company cards and expenses. Yokoy is a comprehensive, automated cost management solution, with a proprietary algorithm that enables the platform to learn on the fly. In addition to saving time and creating efficiency for employees, it also reduces up to 80% of the costs associated with consumption management.
Reliable supplier in cost management automation for Spanish companies
In Spain, medium and large companies are showing great interest in implementing automated consumption management solutions. “We are already in contact with Spanish customers and aim to grow our business significantly in the coming months. We are following an ambitious business plan for Spain, based on our previous expansions as a blueprint, as well as on our solid product knowledge and financial expertise , says Philippe Sahli, CEO of Yokoy.
He adds: “Unlike many companies that only aim to automate processes, Yokoy’s mission is to transform the way business expenses are managed by leveraging applied artificial intelligence. We understand the needs of global but also regional companies when it comes to modernizing their processes and designed the Yokoy platform to be customizable and scalable, covering the entire cycle of enterprise cost management.”
The new Yokoy office in Madrid will house employees across various office functions with a focus on the Spanish market. This will secure the company’s position as a reliable supplier of consumption management solutions for medium-sized companies and enterprises.
Steady growth in several European markets
Founded in 2019, Yokoy’s annual growth has been 400%. This explains the support 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 ($1.7 million) led by Swisscom Ventures and SIX FinTech Ventures Fund. After completing a Series A round in October 2021 ($26 million), the company closed a new funding round led by Sequoia Capital ($80 million, 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.
