Swiss fintech company Yokoy has acquired FlowExpense, an expense management solution provided by SAP consulting company Innflow. Furthermore, Yokoy and Innflow are entering into a strategic partnership.
Previously known as FlowExpense, Innflow provides consultancy service for SAP-centric information systems. The company designs, implements, and operates SAP S/4HANA (Enterprise resource planning for large enterprises) solutions.
Innflow’s expense management solution offered medium-sized and large companies a simple way to process expenses digitally.
Speaking on the development, Innflow co-managing director Patrick Meier explains, “The expense solutions Yokoy and FlowExpense are functionally very similar. However, Yokoy is investing heavily in its “Yokoy Inhouse AI Research Lab”, which enables the complete automation of expense processes based on machine learning.”
The strategic partnership
“Contacts were initiated after Yokoy replaced FlowExpense in a large global organisation. In our discussions with Innflow, we quickly realised that a partnership would create great synergies. Innflow combines vast experience in global SAP projects and SAP operations, while we at Yokoy focus on expense management and company card automation” says Philippe Sahli, CEO, and co-founder of Yokoy.
In the area of expense management tools for large international companies, the competitors are well known as existing market entry barriers permit only a few tools that offer the functionalities required.
Speaking on the strategic partnership, Lars Mangelsdorf, co-founder of Yokoy, says “Yokoy offers a self-learning expense and corporate credit card solution that automates the entire process from the photo of the receipt to the correct financial entry. In Switzerland, many larger companies and public sector organisations use SAP systems adapted to their requirements. Through our partnership with Innflow, we are able to implement very specific customer needs when integrating Yokoy.”
Switzerland-based Yokoy was founded in 2019 by Dr. Devis Lussi, Lars Mangelsdorf, Melanie Gabriel, Philippe Sahli, and Thomas Inhelder. The company uses artificial intelligence (AI) to automate companies’ expenses and company card processes.
The AI-based automation of the finance backend processes allows companies to save over 90% of time spent on recording and processing expenses, and actively includes fraud prevention in the process.
Currently, Yokoy has over 150 customers, including companies such as Stadler Rail, Swissquote, Hero, and Planzer.
In March 2020, Yokoy announced its first financing round of CHF 1.7M (approx €1.5M) led by Swisscom Ventures and SIX Group. Together with the launch of the free Yokoy Business Mastercard in August 2020, the company name was changed from Expense Robot to Yokoy.
Image credit: Yokoy