Yokoy expands offering after winning 500 customers for its expense managment solution

Yokoi’s AI-based expense management solution attracted companies such as Stadler Rail, Swissquote and On Shoes. Based on its customers’ feedback and demand, the fintech startup is expanding its software to include supplier invoices management.

Based in Zurich, Yokoy developed an artificial intelligence backed all-in-one spend management Solution that allows for automating expense reporting. With its focus on midsize and large enterprises, the startup to date counts some to 500 customers based in Switzerland, Germany, Austria and beyond. Companies such as Stadler Rail, Swissquote, On Shoes, Bobst or Zühlke are already clients.

The company is now scaling its solution to include Yokoy Invoice. This new extension will allow managers and finance teams running the mundane task of invoice sorting, approving, typing and booking to automate the process. After uploading an invoice into the system, the software ensures that purchase orders, invoices and suppliers are correctly linked and assigned to the correct cost centers. Approvals can also be automated. Similar to expenses and cards, customers have the opportunity to export the finance bookings into their accounting system automatically. The company is now onboarding the first customers.

“As was already the case with the expenses and the cards, we developed this product based on many customers asking for this product addition. With our in-house developed AI tool, the possibility of automating and customising customer’s individual workflows, we are now one of the first all-in-one spend management solutions. Before Yokoy, customers had to buy and integrate separate tools for expenses, credit card matching and supplier invoices,” explains Melanie Gabriel, Chief Marketing Officer & Co-Founder of Yokoy.

Since its founding in 2019, the startup has grown its team to more than 30 employees. In the next phase, the company plans to develop the team further, expand into a new country, boost product and business development and introduce new features and products. As revealed by Gabriel, the company is working on a corporate card for companies with HQ in Europe.