Spend management platform Yokoy is set for further expansion across Europe, establishing operations in Spain after launching its European headquarters in Amsterdam in February.
In a statement the Swiss fintech company said it recognised the “strong potential for hyperautomation of spend management” in southern Europe and has hired a local team in Madrid to support regional operations.
“We are already engaging with Spanish customers and aim to significantly grow our business in the coming months,” said Yokoy CEO Philippe Sahli.
Yokoy co-founder and chief customer officer, Lars Mangelsdorf, added the company plans to use its “gained expertise of the Dutch market as a blueprint, while also taking into account the unique market positioning and client needs in Spain”.
The expansion comes after the start-up secured $80 million in Series B financing from Sequoia Capital in March, and follows its recent appointment as a travel expense partner for the Dutch government.
Yokoy’s platform uses artificial intelligence to automate spend management, incorporating expense management, invoice processing and the administration of corporate cards, which, according to the company, can reduce finance team costs by up to 80 per cent.
The company on Thursday also announced a partnership with tax platform Blue dot to integrate automated tax compliance, including VAT recovery and Tax Employee Benefits analysis, into its platform.
Founded in Switzerland in 2019, the company currently has operations in six countries – Switzerland, Germany, Austria, the Netherlands, Serbia and now Spain – with plans for further growth in Europe.