With the launch of the Yokoy Prepaid Business Mastercard together with Hypothekarbank Lenzburg, Expense Robot has renamed the company "Yokoy". The new business segment allows the company to provide the first fully integrated corporate card without fees and a solution for corporate spending management.
Founded in 2019, Yokoy (formerly known as Expense Robot) offers automatic expense and corporate credit card processing based on artificial intelligence (AI). The company built an “AI Research Lab” employing a team of leading physicists and mathematicians in Zurich to ensure continuous development of the in-house AI models used to facilitate process automation. The Yokoy tool is already integrated in all major financial, HR and business travel systems, such as SAP, Abacus, SAGE, MS Dynamics, UBER, bta first travel or TravelPerk and is used by more than 100 companies including well-known names such as Swissquote, Hero and Ameropa.
Yokoy is expanding its product portfolio with the “Yokoy Prepaid Business Mastercard” for businesses in Switzerland, issued in conjunction with Hypothekarbank Lenzburg. Launched today, the corporate Mastercard is automatically connected in the Yokoy Expense Management platform – integrating the entire expense and spending management process of a company – from payment to the correct accounting booking in their Finance System to compliant archiving.
"After we added the card option to our range of products, the old name was no longer suitable because it did not cover the card payment solution and many new products that are coming out soon”, said Melanie Gabriel, CMO and co-founder of Yokoy.
Yokoy Prepaid Business Mastercard, the Revolute for business
Moreover, just as similar offers for private customers from neobanks, Yokoy’s corporate Mastercard will also eliminate foreign currency or card fees for transactions.
“We are convinced that the corporate card business needs a revolution. With the offerings of Revolut, N26, Neon and Co., customers today expect a fully integrated card without fees that can be managed completely online. The business solutions offered by the neobanks often focus strongly on banking services, where process management and system integration are often neglected. Yokoy, which has been referred to as the new Revolut for Business in Switzerland, offers additional aspects such as system connections, VAT compliance and flexible approval flows”, said Philippe Sahli, CEO at Yokoy.
"We are delighted to welcome Yokoy as a new member of our open banking community. With the Yokoy partnership, we are once again demonstrating that Open Banking delivers financial and procedural advantages for end-users. At the same time, the announcement is a milestone for our young prepaid card offering, where we see more potential," says Marianne Wildi, CEO of Hypothekarbank Lenzburg.
(Press release/RAN)
Photo: Yokoy
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