Switzerland-based fintech Yokoy, a scaleup that offers a full spend management solution for midsize and enterprise companies, has announced its expansion into the Netherlands. The expansion comes after the scaleup raised $26M in a Series A funding round in October, 2021.
With this expansion, Yokoy plans to use its new Amsterdam office as the hub for its European operations and offer its all-in-one spend management solution to more customers across the continent.
“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,” says Dutch-Swiss co-founder and chief customer officer Lars Mangelsdorf.
Yokoy selects Amsterdam as hub for Europe
Yokoy’s decision to use Amsterdam as its hub for European expansion will only strengthen the fintech ecosystem in the Netherlands. Amsterdam has emerged as a hub for the next big growth and transformation in Europe’s fintech industry. The likes of Adyen and Mollie have earned the unicorn status while Biller was acquired by Banking Circle Group just six months after its launch.
The Netherlands also ranks in the top 10 of the most innovative economies in the world and has a 92 per cent adoption rate of SaaS solutions.
“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,” adds Mangelsdorf.
Yokoy now plans to continue its growth across Europe and also further its product development. The Amsterdam office of Yokoy will house 40 employees across various functions as the scaleup continues to grow and serve more European markets.
Philippe Sahli, CEO of Yokoy, says, “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.”
Yokoy: what you need to know
Yokoy launched in Switzerland in 2019 as a fintech focussed on simplifying and automating spend management. The scaleup says that companies, regardless of industry, struggle with effective management of expenses, credit card transactions and supplier invoicing. In order to effectively manage spending, Yokoy offers an all-in-one spend management solution that automates expense, invoicing, and credit card processing.
The platform from Yokoy can be configured by businesses to fit their “exact global corporate structure and business processes”. It also uses AI to learn and constantly monitor individual workflows and processes. Yokoy says its platform also integrates with existing software environments, including Microsoft Dynamics 365 Business Central, SAP, Oracle NetSuite, and Workday, and uses AI to help organisations cut their costs by 90 per cent.
Yokoy also offers seamless integration with companies such as KPMG, PWC, Travelperk, Vat4You, Taxback, and VAT IT. The spend management solution from Yokoy has three key components addressing challenges such as expense management, supplier invoice management, and a payment solution.
The platform allows companies to automate their expense management and fully automate their supplier invoice management process. It offers both physical as well as virtual cards that can be managed directly in the Yokoy app.
“Domestic and international business travel will likely ramp up again this year, and teams will continue to work hybrid. Automating parts of the expense and invoicing process allow finance teams to focus on more important or challenging business tasks. An AI-based spend management solution like Yokoy acts as a partner in helping Dutch businesses do more,” adds Sahli.
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