The Swiss company Yokoy continues its expansion process throughout Europe and arrives in Spainafter opening a office in Madrid with a local team.
In this way, the Swiss fintech makes available to Spanish companies its exclusive comprehensive solution for business expense management. Yokoy estimates that there is great potential for hyper-automation in this area in Spain.
Its platform uses artificial intelligence (AI) and learns on the fly, dramatically reducing human intervention, errors, and costs related to managing business spend.
The tool is modular, it prepares the data to claim VAT and no programming needed. It integrates with ERPs, works in multiple currencies and adapts to current regulations in any jurisdiction, making it an optimal solution for both medium-sized companies and large corporations operating internationally.
Hyperautomation for reducing business spend
With a disruptive focus on a very dynamic segment, Yokoy proposes to centralize the three main areas of business spending: supplier invoices, corporate cards and expenses. he’s platform is an end-to-end automated solution in an area where manual data handling, errors and transaction fees are major cost factors for businesses.
The powerful algorithm developed by Yokoy allows its platform learn as you goso the percentage of cases that require human intervention becomes marginal.
In addition to saving time for employees, the tool represents a significant reduction in the rate of errors and up to 80% of the costs related to the management of business expenses. On the other hand, the platform prepares the data for claim VAT on all tickets and invoices that can be recovered and ensures compliance with tax regulations.
A solution that adapts to any company
Yokoy is a modular, intuitive and easy-to-implement platform: it is designed to communicate in encrypted form with the vast majority of existing ERP systems (eg SAP Business One, Oracle NetSuite and others).
By grouping the data retrieved from different sources and automatically, the tool offers greater control of expenses and generates reports to help in planning and decision making. The platform adapts to specific requirements of each company and it is completely scalable.
Philippe Sahli, CEO and co-founder of Yokoy, comments: “Before Yokoy, I too experienced how cumbersome it was to manually prepare, monitor, check, approve and process expenses. This is how we set out to start a revolution in the field of business spending and our goal was clear: fully automate all management around receipts of expenses, transactions and incoming invoices through the use of AI. The manual work had to be limited only to isolated and atypical cases, not suitable to be validated by AI. We wanted to avoid verification tasks having to be done by the professionals themselves or being transferred to the finance team.”
Sahli continues: “By working with clients such as DPD or BDO, we have shown that we understand the needs of international companies and that we are able to provide customized and scalable solutions that cover the entire enterprise spend management in the cloud. Unlike many companies that seek to automate processes, our mission is to change the way business spend is managed. This includes listening to customers and responding quickly. Today we are pleased to open an office with a local team in Spain, a very dynamic and innovative market where we already have several clients.”
Swiss technology with a global vocation
Founded in 2019, Yokoy’s annual growth has been 400%, which explains the support of powerful venture capital investors, such as Sequoia Capital, Left Lane Capital, Balderton Capital, Swisscom Ventures, SIX FinTech Ventures Fund, among others.
In March 2020, Yokoy raised seed capital ($1.7 million, co-led by Swisscom Ventures and the SIX FinTech Ventures Fund). After completing a series A round in October 2021 ($26 million), the company closed another round of financing led by Sequoia Capital ($80 million, series B) in March 2022.
The fintech has more than 250 employees. has more than 500 clients to his credit and it is currently present in six countries: Switzerland, Germany, Austria, Holland, Serbia and, now, Spain.
