Spend management fintech Yokoy has raised $26 million in series A funding.
Left Lane Capital led the round, with participation from Balderton Capital. The Switzerland-based fintech will use the £26 million of funding to expand deeper into the US, Europe and more regions around the world.
The funding will also be used to further enhance the technologies underpinning Yokoy’s platform to stay at the cutting-edge of its AI, automation and security systems.
Founded in Switzerland in 2019, Yokoy aims to rein in corporate spending. Its platform integrates with major third-party tools and is fully customisable to suit enterprise process flows.
It automates spend management with AI, combining expense management, supplier invoice management and corporate credit cards into one single tool, underpinned by up-to-date security and stability.
Since its launch two years ago, Yokoy has grown to more than 400 customers, including DPD Group, Stadler Rail, Sberbank and Swissquote, more than 80,000 users, five global offices, and almost 100 employees.
Commenting on the fintech’s aims for its spend management platform following the series A funding round, Dr Devis Lussi, co-founder and chief technology officer at Yokoy, says: “With Yokoy we’re building a highly intelligent, highly secure, and highly customisable global spend management platform that empowers our customers to take control of their vast corporate spending processes and fine tune their workflows.”
“We’re helping them to cut costs, save time and bring clarity to their global operations in a way that fits their ambitions. It’s this that we believe will see us becoming the leading spend management platform in the world.”