Spend management app Yokoy scores Series B ahead of Europe growth

Spend management platform Yokoy has closed its Series B on $80m, with Sequoia Capital serving as the lead backer.

Contributions to the round also came from Speedinvest, Visionaries Club, Zinal Growth and all of Yokoy’s existing investors.

Capital from the round will be used to accelerate the growth of its business and team. Hires will focus on enhancing its AI, automation and security systems.

Having established its European hub in Amsterdam last month, Yokoy is now looking to expand across Europe.

This round close comes just five months after is raised its Series A round, which pulled in $26m from Left Lane Capital and Balderton Capital.

Yokoy, which was founded in Switzerland in 2019, offers a spend management system. Its features include expenses, virtual cards, invoicing, and Visa and Mastercard cards.

Yokoy co-founder and CEO Philippe Sahli said, “Over the last three years, we have proven that we understand the needs of our customers and that we can build innovative, enterprise-grade products that address their problems.

“In the end we do not want to be just another company that automates processes or that claims to have better company credit cards – we want to change the way companies spend money at its core. Given the trust that our investors have put in us, we are sure that we are on the right track.”

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