Yokoy – the all-in-one global spend management platform – announced today the closing of its $26 million Series A funding round. Led by US investor Left Lane Capital, with participation from prominent European investor Balderton Capital, the funds will support the startup's expansion into new markets.
Founded in 2019 by experienced business professionals and scientists, Yokoy aims to transform the corporate processes by providing a full spend management suite for midsized companies. Powered by machine learning developed in Yokoy’s AI research lab, its platform automates spend management with artificial intelligence by combining expense management, supplier invoice management and corporate credit cards into one single intuitive tool, underpinned by the most up-to-date security and stability.
Midsize to enterprise companies can configure and build their unique process flows – automating the desired number of steps – and automatically integrate Yokoy with all major third-party tools. Thanks to self-learning, the platform constantly monitors individual workflows and processes to make them more efficient, scalable and impactful over time.
Since its launch last year, Yokoy’s customer base has grown to 400 customers, leading midsize and enterprise customers worldwide such as DPD Group, Stadler Rail, Russia’s Sberbank, the Swiss bank Swissquote. More than 80,000 users are using the solution., Yokoy has also seen fast internal growth; today, the startup has five global offices and almost 100 employees.
The proceeds from its $26 million financing round supported by the prestigious VC funds, New York-based Left Lane Capital and UK-based Balderton Capital, will enable expansion into the US, Europe and more regions across the globe. Part of the funding will flow into further enhancing the technologies. Apart from Balderton and Left Lane existing investors SIX Fintech Ventures and Swisscom participated.
Vinny Pujji, Managing Partner at Left Lane Capital, said: “Corporate spend management has been a slow-moving category with clunky solutions; but for a good reason, given the unique regulatory, product, and security requirements. Yokoy’s easy-to-use but robust spend management suite is enabled by AI and offers flexibility, scale, and security to customers, from startup to enterprise. We are thrilled to partner with such a passionate and empathetic team, led by Philippe.”
(Press release/RAN)
Photo; L-R: Devis Lussi, Thomas Inhelder, Philippe Sahli, Melanie Gabriel, Lars Mangelsdorf; Photo: Oliver Hochstrasser, Yokoy
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