Yokoy bags Series A capital to replace outdated spend management systems

Spend management platform Yokoy has collected $26m in its Series A funding round.

Left Lane Capital, a US-based venture capital firm, led the round, with a commitment also coming from Balderton Capital.

Yokoy was founded in Switzerland in 2019 with the mission to remove legacy processes within corporate spending. It claims these outdated methods cost an average of $60 for every single expense.

Its platform is powered by machine learning to automate spend management. It combines expense management, supplier invoice management and corporate credit cards into a single tool. Mid-sized businesses can leverage the platform to configure and build their own processes that meet their specific needs.

The FinTech company claims its technology can bring spend management costs down by $1,000 per employee, per year.

Since it launched, Yokoy has acquired 400 customers and over 80,000 users. Its team spans five global offices and is 100 people strong.

Yokoy co-founder and CTO Dr. Devis Lussi said, ?With Yokoy were building a highly intelligent, highly secure, and highly customisable global spend management platform that empowers our customers to take control of their vast corporate spending processes and fine tune their workflows. Were helping them to cut costs, save time and bring clarity to their global operations in a way that fits their ambitions. It this that we believe will see us becoming the leading spend management platform in the world.p>

Earlier in the year, fellow spend management platform Spendesk collected ?100m in its Series C round back in July.

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