Yokoy Group AG, a European all-in-one enterprise spend management platform, has raised $80 million in Series B funding. Sequoia Capital led the round.
Zurich, 29. March 2022: Yokoy Group AG, Europe’s leading all-in-one enterprise spend management platform, has today announced it has raised $80 million in a Series B funding round led by Sequoia Capital with participation from Speedinvest, Visionaries Club and Zinal Growth, existing investors Balderton Capital, Six FinTech Ventures, Left Lane, Swisscom Ventures and well-known business angels.
Founded in Switzerland in 2019 Yokoy’s mission is to finally rid the corporate spending world of the legacy processes that have plagued it for decades. This has forced companies to spend an average of $60 for every single expense they have to process through their existing, outdated workflows.
Powered by machine learning developed in Yokoy’s own cutting-edge AI research lab, the platform automates spend management using artificial intelligence. It combines expense management, supplier invoice management and corporate credit cards into one single intuitive tool, underpinned by the most up-to-date security. The company’s sweet spot is midsize and enterprise companies, who can build unique process flows using Yokoy, automating as many or as few steps as they want. As the platform is self-learning, it also constantly monitors individual workflows and processes to make them more efficient and impactful over time.
Crucially, 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, including the newly opened Amsterdam hub to further support customers in Western Europe, and over 100 employees.
Developing Europe’s leading platform
The new $80 million Series B round brings the total raised by Yokoy to over $107m. Yokoy will use the new funding to expand deeper into Europe and more regions across the globe and increase hiring to support new areas. As well, the company will enhance the technologies underpinning the platform developing its AI, automation and security systems, and advance its Yokoy Pay offering, all to ensure spend management runs more smoothly.
Philippe Sahli, CEO at Yokoy, said, “We’ve proven with Yokoy that spend management needn’t be a cumbersome, expensive process for global companies. By combining all areas of the journey and automating it in one intuitive platform using artificial intelligence, Yokoy is becoming the ultimate spend management partner for businesses. It’s this dedication to solving the pain points for customers that has seen us grow 400% year on year and reach over 500 enterprise customers. We’re delighted to have the backing of Sequoia and all our brilliant investors as we embark on the next stage of our growth journey, which will revolutionize the way companies spend money.”