Yokoy expands into the Dutch market

Following its $26 million Series A round, the Fintech startup is bringing its all-in-one spend management solution for mid-size companies and enterprises to Amsterdam, the startup’s new European Hub. The satellite office will be home to 40 employees.

Zurich based Yokoy helps companies create efficiencies in their business by using artificial intelligence (AI) to fully digitise and automate spend management. Having learned that many companies struggle with effectively managing expenses, credit card transactions and supplier invoicing, the startup developed an all-in-one spend management solution. Customers to configure Yokoy to fit their exact global corporate structure and business processes. Thanks to AI,  the platform constantly monitors individual workflows and processes to make them more efficient, scalable, and impactful over time. With the help of AI and the close integration into an already existing software environment, including Microsoft Dynamics 365 Business central, SAP, Oracle NetSuite, and Workday, the fast-growing scale-up helps organisations cut costs by 90% and save valuable time without compromising on features or security.

Building on its growth marked by large series A financing round and collaborations with companies such as KPMG, PWC, Travelperk, Vat4You, Taxback, and VAT IT, Yokoy is now moving into the Dutch market. Its Amsterdam office will house 40 employees across various office functions as the scale-up continues to grow and serve European markets.

“In the dynamic, international business market that exists across the Netherlands, we see an appetite for further digitalisation and the automation of financial processes in particular,” remarks Yokoy CEO Philippe Sahli. The Netherlands ranks in the top 10 of the most innovative economies globally. A 92% adoption rate of SaaS solutions shows that the Dutch are ahead when it comes to optimising processes and automation.

“Our move into the market is not about just setting up a satellite sales office in a new location - we see Amsterdam as a crucial hub for growing our European operations. The Dutch market is advanced when it comes to FinTech adoption, and it felt like a natural next move to bring our spend management solution to businesses in the region,” says Dutch-Swiss co-founder and chief customer officer Lars Mangelsdorf.

(Press release/RAN)