Just five months after its Series A round, Yokoy announces the closing of its Series B funding. The new funding will further feed into the continued growth of our business and team, helping the start-up on its journey to revolutionize the way companies spend money.
With the new $80 million Series B, Yokoy now has raised more than $107 million in total. “There are many areas where this new funding will come to use,” Philippe Sahli, Co-Founder and CEO of Yokoy says. In brief, all signs point to continued growth: After attracting over 500 enterprise customers and having set up a European hub in Amsterdam just a month ago, Yokoy aims to expand further into Europe and beyond in the course of this year. Apart from that, the team will be enlarged and the technologies underpinning Yokoy’s spend management platform will be enhanced – from further developing the AI, automation and security systems, to advancing the Yokoy Pay offering.
The round was led by venture capital luminary Sequoia Capital. The firm is not the only new high-profile investor, as Speedinvest, Visionaries Club, Zinal Growth, the family office of Checkout.com's founder and chief executive officer Guillaume Pousaz, and well-known business angels joined. Existing investors - Balderton Capital, Six FinTech Ventures, Left Lane, and Swisscom Ventures - stepped up as well.
Over the last three years, Yokoy’s offering has expanded into a comprehensive enterprise spend management platform that combines expense management, supplier invoice management as well as smart corporate cards and automates respective processes with the help of Artificial Intelligence. “Our goal is to rid the corporate spending world of the legacy processes that have plagued it for decades,” Sahli explains.
Matt Miller, Partner at Sequoia Capital, explains: " We're excited about Yokoy because it is distinctly the only software-first company we met, to bring a complete spend management solution to its customers, using automated processes and including cards. This unique approach evidenced itself in spectacular customer feedback and impressive growth. We are excited to partner with Yokoy as they emerge as the next-generation market leader in enterprise spend management."
Checkout.com founder supportimg a Swiss start-up
Guillaume Pousaz, founder & CEO at Checkout.com, said: "Businesses don’t just want another expense or invoice management tool, they want an automated all-in-one solution that handles all areas of spend management that saves them time and money. Yokoy provides exactly that and has developed a platform that delivers value day after day. As a Swiss tech founder myself, I'm thrilled to support the next generation of FinTech founders with my Zinal Growth vehicle.”
Yokoy seamlessly integrates with existing software, such as Microsoft Dynamics 365 Business Central, SAP, Oracle NetSuite, or other third party providers, allowing for real end-to-end automation across the entire spend management journey. As well, Yokoy maintains a global network of partners, collaborating closely with KPMG and PwC, among others.
Yokoy is also able to bring the cost of spending management down by 90%. This enables companies to effectively save time and money while gaining more satisfied employees, better analytics and control over all spend activities, without compromising on features or security. Since launching in 2019, Yokoy’s team has grown to five global offices and over 100 employees.
(Press release / SK)
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