Yokoy grabs USD 26 mln in Series A funding

Tuesday 26 October 2021 14:01 CET | News

Switzerland-based spend management platform Yokoy has announced that it raised USD 26 million in series A financing.

The funding came from Left Lane, with participation from European investor Balderton Capital. The company says that it’ll use the new funding — which brings its total raised to USD 27.1 million — to expand across the US, Europe, and other regions around the world while adding to the technologies underpinning its platform.

Yokoy provides an AI-powered spend management suite for midsize and enterprise companies. Through a combination of machine learning, automation, and API integrations, the startup offers expense management, supplier invoice management, and corporate credit cards.

The company claims that the platform is ‘self-learning,’ allowing Yokoy to monitor individual workflows and processes to make them more efficient and scalable over time. For example, customers can import expense receipts and invoices by snapping pictures of them through Yokoy’s mobile app.

The platform’s algorithms enhance the picture quality before extracting the words and numbers via optical character recognition, validating more than 300 data points in a receipt or invoice. In the case of invoices, Yokoy can also recognise suppliers, match them with data from a company’s enterprise resource planning software, and fill missing data into the scanned document. With the information it extracts from documents, Yokoy checks relevant policies, gauges the potential for fraud, and validates the data for outliers and rules violations.

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Keywords: funding, spend management, Open Banking, artificial intelligence
Categories: Banking & Fintech
Countries: Switzerland
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Banking & Fintech

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