Swiss fintech start-up Yokoy raises $80m in Series B funding round
Swiss expense management platform Yokoy has landed an $80 million Series B funding round.
The round was led by Sequoia Capital and saw participation from new investors Speedinvest, Visionaries Club and Zinal Growth as well as existing investors Balderton Capital, Six FinTech Ventures, Left Lane Capital and Swisscom Ventures.
Yokoy CEO and co-founder Philippe Sahli says: “After having set up our European hub in Amsterdam just a month ago, we are aiming to expand further into Europe and beyond in the course of this year.
“Apart from that, we will increase hiring and enhance the technologies underpinning our spend management platform – from further developing our AI, automation and security systems, to advancing our Yokoy Pay offering.”
The Series B comes six months after the fintech start-up raised $26 million in a Series A funding round, led by Left Lane Capital.
Yokoy has now raised more than $107 million in total capital to date and claims 400% growth year-on-year.
Yokoy offers an enterprise spend management platform that combines expense management, supplier invoice management, smart corporate cards and AI-powered end-to-end automation.
“Our goal is to rid the corporate spending world of the legacy processes that have plagued it for decades,” Sahli explains. “Yokoy shows that spend management does not have to be a cumbersome and expensive process for global companies.”