Yokoy is launching a free credit card for corporate clients and has signed a deal with Hypothekarbank Lenzburg for the provision of backoffice support.
Yokoy started out a year ago with the promise to help corporate clients with their payments' handling. Now, the fintech has decided to also launch a prepay-credit card for companies, according to a statement released on Monday.
The offering is targeted at a specific client group and the Yokoy card is not only free of charge but also comes with free forex services. The Yokoy card is to the corporate world what Revolut's credit card was for the retail client.
Open Banking by Hypothekarbank Lenzburg
Other than Revolut, which has a banking license, Yokoy is no neo-bank. It has an agreement with Hypothekarbank Lenzburg, which will provide the firm with backoffice services through an interface to the Finstar banking platform.
The business-type credit card by Yokoy is integrated into the settlement process of a company's expenses management – right from the payment through to the debiting from the bank account, the entry into the books of the company and the proper filing.
