Expense management tool company Yokoy has raised $80 million in a Series B round, the Amsterdam-based software startup announced Tuesday (March 29).
Founded in 2019, Yokoy sells its products primarily to large businesses, including Dynamic Parcel Distribution, one of the largest express and parcel services in Europe, and Stadler Rail Co., the Swiss train manufacturer. The latest cash infusion brings the total amount raised to more than $107 million.
Yokoy said it plans to use the capital to expand further into Europe and beyond, hire more staff and continue the development of artificial intelligence, automation and security systems to enhance the technology that supports its spending management platform.
The funding round was led by Sequoia Capital, with participation from Speedinvest, Visionaries Club and Zinal Growth. The firm’s existing investors, Balderton Capital, Six FinTech Ventures, Left Lane and Swisscom Ventures, contributed as well.
“Embarking on the next stage of our growth journey, it is amazing to have the backing of Sequoia Capital, the most prestigious venture capital firm in the world,” said Yokoy Co-founder and CEO Philippe Sahli. “Taking together all our new and existing investors, we simply have the best of the best backing us.”
Yokoy’s software allows what it calls end-to-end automation across the spend management journey by integrating into a company’s existing systems.
In December, PYMNTS reported that Yokoy began collaborating with Visa on a debit card for businesses operating in Europe.
Read more: Visa, Yokoy Collaborate on Virtual B2B Debit Card
The company, which has offices in Zurich, Munich and Vienna, announced the card launch on its blog, saying its platform connects the card to spend management software and enterprise resource planning systems.
At the time, the company said the traditional payment card offered in isolation is an outmoded model.
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