Zurich-based spend management platform Yokoy has raised $26 million in a Series A round. The tool uses a combination of AI tools and API integrations to automate expense management, supplier invoice management, and corporate credit cards, with the ultimate goal of reducing clients’ overall costs. The two-year-old company has raised approximately $27.7 million to date and will use the new funding to further its expansion plans, as well as continue research and development work in its AI.
Yokoy has a lofty goal: to rid the world, once and for all, of the legacy processes of expense management. The company indicates that companies spend an average of $60 for every expense that passes through old, outdated, and manual workflows. In contrast, the Swiss startup lays claim to the fact that they can cut that number down to $1,000 per employee per year. Looking at the overall picture, this means that a midsized company could save over $1 million a year.
Yokoy provides midsized to enterprise-level companies with the ability to fully customise their own process flows, integrating with all major third-party tools, and automating as many or as few steps as so chosen. From there, the software takes over, and via a self-learning algorithm continually optimises the process.
The company counts over 400 clients including DPD Group, Stadler Rail, Russia’s Sberbank, the Swiss bank Swissquote, resulting in the spend management optimisation of over 80,000 employees, and has grown to a team of just under 100 employees.
One of the key strengths behind Yokoy is its deep commitment to furthering its algorithms. Headed up by CTO Dr. Devis Lussi, formerly of ETH & CERN, Yokoy anonymises and captures data to constantly improve processes based on each company’s needs. In so much, this gives the company a competitive edge when it comes to changing regulatory and market changes that are specific to each industry, country and firm it works with.