A Zurich-based fintech has attracted the attention of, and financing from, venture capital firm Sequoia Capital.
Yokoy, a fintech specializing in corporate billing solutions raised $80 million in a new round of financing led by Sequoia Capital, Yokoy announced in a media statement Tuesday.
Previous funding combined with the current Series B round, brings the total amount raised to $107 million, which the firm plans to deploy in hiring more employees and expanding operations in Europe and beyond. In addition, the company will invest in artificial intelligence (AI), automation and security systems.
Annual Growth
Managing spending at global companies need not be cumbersome nor costly, which Yokoy's platform covers those aspects through the use of AI and process automation. «Our platform is ideally suited for addressing the complexities prevalent in such setups, allowing customers to build individual process flows according to their needs. Thus, we are becoming their ultimate spend management partner,» according to CEO Phillippe Sahli.
Yokoy is growing by 400 percent annually, reaching more than 500 customers, the company said.
That growth will certainly be welcome by investors which, in addition to Sequoia Capital, Speedinvest, Visionaries Club and Zinal Growth, include existing investors Balderton Capital, Six FinTech Ventures, Left Lane, Swisscom Ventures and angel investors, who participated in the latest funding round.
Since its founding in 2019, Yokoy has grown to more than 100 employees at five global locations, including a recently opened office in Amsterdam, serving as the hub for company's business in Western Europe.
