Spend management fintech Yokoy raises $80m

Yokoy said the new funding “will further feed into the continued growth of our business and team”

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Spend management fintech Yokoy raises $80m

Spend management fintech Yokoy has raised $80 million in a series B funding round.

Yokoy said the new funding “will further feed into the continued growth of our business and team”. 

The fintech recently set up a European base in Amsterdam, the Netherlands, and plans to expand further into Europe and beyond over the course of 2022. 

Yokoy will also hire more staff and enhance the technologies underpinning its spend management platform, including artificial intelligence, automation and security systems, as well as advance its Yokoy Pay offering.

The series B fundraise follows the fintech’s $26 million series A round in October 2021.

The fintech has raised more than $107 million in total since its launch in 2019 to fund the growth of an enterprise spend management platform covering expenses and supplier invoices, as well as smart corporate cards.

Yokoy claims to have grown 400% year on year and serve more than 500 enterprise customers, including ASK Chemicals, On, and Bitpanda.

US investment firm Sequoia Capital led the latest funding round, with participation from Speedinvest, Visionaries Club, Zinal Growth, and all existing Yokoy investors.

Philippe Sahli, co-founder and chief executive officer of Yokoy, said: “Over the last three years, we have proven that we understand the needs of our customers and that we can build innovative, enterprise-grade products that address their problems.” 

“In the end we do not want to be just another company that automates processes or that claims to have better company credit cards—we want to change the way companies spend money at its core. Given the trust that our investors have put in us, we are sure that we are on the right track.”