Swiss Fintech Company Yokoy Enters the Spanish Market

The Swiss fintech company Yokoy continues its expansion process in Europe and enters the market in Spain, after opening an office in Madrid with a local team. In this way, Yokoy offers Spanish companies its exclusive comprehensive solution for business expense management. Yokoy believes there is great potential for hyper-automation in this area in Spain.

Its platform employs artificial intelligence (AI) and learns on the fly, allowing it to drastically reduce human intervention, errors, and costs related to business expense management. The tool is modular, prepares data for VAT reclaim, and requires no programming. It integrates with ERPs, works in multiple currencies, and adapts to the regulations in force in any jurisdiction, making it an optimal solution for both medium-sized companies and large corporations operating internationally.

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Hyper-automation for business cost reduction

With a disruptive approach in a very dynamic segment, Yokoy proposes to centralize the three main areas of business spending: supplier invoices, corporate cards, and expenses. Its platform is a comprehensive automated solution in an area where manual data handling, errors, and transaction fees are major cost drivers for companies.

The powerful algorithm developed by Yokoy enables its platform to learn on the fly, so the percentage of cases requiring human intervention becomes marginal.

In addition to saving time for employees, the tool results in a significant reduction in the error rate and up to 80% of the costs related to the management of business expenses. Moreover, the platform prepares the data for reclaiming VAT on all receipts and invoices eligible for recovery 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 (e.g. SAP Business One, Oracle NetSuite, and others).

By aggregating data retrieved from different sources automatically, the tool provides greater control over expenses and generates reports to assist in planning and decision-making. The platform adapts to the specific requirements of each company and is fully scalable.

Philippe Sahli, CEO, and co-founder of Yokoy, said: “Before Yokoy, I too experienced how cumbersome it was to manually prepare, monitor, check, approve and process expenses. That’s how we set out to start a revolution in the business expense arena and our goal was clear: to fully automate all the management around expense vouchers, transactions, and incoming invoices using AI. Manual work was to be limited only to isolated and atypical cases, not suitable for AI validation. We wanted to avoid verification tasks having to be done by the professionals themselves or moved to the finance team.”

Sahli continues: “By working with clients such as DPD or BDO, we have demonstrated that we understand the needs of international companies and that we are able to provide customized and scalable solutions that span the entire enterprise spend management in the cloud. Unlike many companies that aim to automate processes, our mission is to change the way business spending is managed. This includes listening to customers and responding quickly. Today we are pleased to open office with a local team in Spain, a very dynamic and innovative market where we already have several customers.”

Swiss technology with a global vocation

Founded in 2019, Yokoy’s annual growth has been 400%, which explains the backing 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 SIX FinTech Ventures Fund). After completing a Series A round in October 2021 ($26 million), the company closed another round of funding led by Sequoia Capital ($80 million, Series B) in March 2022.

The fintech company has more than 250 employees. It has more than 500 clients to its credit and is present, for the moment, in six countries: Switzerland, Germany, Austria, the Netherlands, Serbia and, now, Spain.

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(Featured image by Firmbee via Pixabay)

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First published in MUYPYMES, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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