Zurich-based fintech start-up Yokoy and Hypothekarbank Lenzburg have joined forces to launch a new product, the Yokoy Prepaid Business Mastercard. It offers companies advantages that until now have only been enjoyed by private customers: no foreign exchange or card fees. Hypothekarbank Lenzburg has been a partner bank of Yokoy since the start-up was founded in Zurich in 2019.
According to a press release, the credit card provides companies with immediate access to an “attractive and efficient solution for corporate spending management”. The solution comes with the Yokoy app for employees and the Yokoy web app for companies.
The Yokoy Prepaid Business Mastercard is integrated into the entire expense and spending management process of a company, from payment to the correct account booking in their finance system to compliant archiving. Payment transactions are processed via the Finstar open banking platform, which is developed and distributed by Hypothekarbank Lenzburg.
“We are convinced that the corporate card business needs a revolution,” said Philippe Sahli, co-founder and CEO of Yokoy. Existing applications are often based on expensive models that use traditional credit cards, unlike the Yokoy Prepaid Business Mastercard, explained Sahli, adding that the Finstar platform is the “most advanced in Switzerland in terms of interface technology”.
“The Yokoy project shows once again that open banking offers financial advantages to end users,” said Marianne Wildi, CEO of Hypothekarbank Lenzburg. “At the same time, this is also a milestone for our emerging business field with prepaid cards, and we see further potential here.”