Zurich-based fintech Yokoy is expanding into Spain where it wants to take advantage of the country now having to play catchup in the digital economy.
Yokoy, a fintech specializing in corporate expense solutions, is expanding into yet another European market by opening an office in Spain, its sixth location, the company announced Thursday.
The Zurich-based company chose Madrid for its foray into Spain, establishing its own team there. In February the company opened an office in Amsterdam which serves as its European Hub. Earlier this year, Yokoy announced it raised an additional $80 million of capital in another funding round.
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In Spain, the focus is currently very much on digitizing the economy in order to keep up with other countries in Europe - with strategies such as «Digital Spain 2025,» among others. The company says it is already in talks with Spanish customers and plans to significantly expand its business in the coming months. After Germany, Austria, the Netherlands, and Serbia, Spain is the sixth location of the company, founded in 2019.
According to the fintech, it employs more than 250 people, of which around 100 are based in Zurich. Among its 500 customers are firms like Swiss sporting goods manufacturer On Running, train builder Stadler Rail and comparison service Comparis. In addition to Sequoia Capital from California's Silicon Valley, investors include a fund from the Swiss stock exchange operator SIX.
