Swiss fintech start-up Yokoy raises $26m in Series A round

Swiss spend management fintech Yokoy has raised $26 million in a Series A funding round.

The platform provides data, analytics and actionable insights

The fundraise was led by US investment firm Left Lane Capital with participation from European investor Balderton Capital.

Yokoy says it wants to replace legacy processes in corporate spending and automate manual workflows to reduce operating costs and potentially costly data errors.

The company claims it is able to bring the cost of spend management down by $1,000 per employee a year.

The platform is powered by machine learning and automates spend management with artificial intelligence (AI). It combines expense management, supplier invoice management and corporate credit cards into one solution.

Yokoy launched two years ago in Switzerland and now has more than 400 customers worldwide including DPD Group, Sberbank and Swiss bank Swissquote.

The company says it will spend the cash on expanding its footprint in the US, Europe and other global regions and to invest in the AI, automation and security technologies that underpin the platform.