The Zurich-based startup Yokoy has secured 26 million US dollars in a Series A funding round according to a press release. It garnered the support of notable investors in doing so. The round was led by Left Lane Capital from New York. Furthermore, Balderton Capital from London was also involved, a company that has invested in Revolut, among others. SIX FinTech Ventures and Swisscom also made investments.
Yokoy provides a platform for the automated management of company spending. It uses artificial intelligence to do so. The solution can help with managing supplier invoices, expenses and company credit cards. It aims to simplify spend management and save costs. According to information provided by Yokoy, costs can be reduced by around 1,000 US dollars per year per employee by using the platform.
Yokoy’s platform is already being used by companies such as DPD Group, Stadler Rail and Russia’s Sberbank. The startup has been able to win over more than 400 customers since launching its product two years ago.
Yokoy plans to use the new funding to improve its platform. Moreover, it hopes to drive marketing in the USA, Europe and other regions.