Yokoy announced an expansion into Spain. Earlier this year, the startup opened an office in Amsterdam to storm the European market. According to CNBC, the three-year-old company was recently valued at €500 million.
Yokoy develops spend management software. Clients use the technology to record expenses, automate administration and procure services or products. The company competes with major players like SAP Concur and Sage Intacct.
Despite the competitive market, Yokoy managed to gain investor confidence. In March 2022, the startup received $80 million in growth funding from Sequoia Capital. An insider source told CNBC that Yokoy was valued at €500 million at the time.
Earlier this year, the startup opened a branch in Amsterdam. Yokoy described the Dutch office as a springboard to the rest of Europe. Spain appears to be the next step. The startup recently announced that operations have started in Madrid.
“We are already engaging with Spanish customers and aim to grow our business in the coming months significantly”, Yokoy CEO Philippe Sahli said. “We follow an ambitious business plan for Spain, relying on our previous expansions, sound product know-how and financial expertise.”
Earlier this year, Sahli told CNBC that most customers were not using a large-scale spend management solution prior to deploying Yokoy. The startup targets large companies that depend on isolated IT systems, also known as silos. Silos can restrict an organization from fully utilizing existing spend management solutions. For them, Yokoy is a great match. The startup provides spend management software in flexible models, including SaaS.
With a valuation of €500 million, the company is halfway to achieving ‘unicorn’ status, a title that describes startups with valuations of more than 1 billion euros or dollars. Amsterdam is a fitting location to achieve that goal. Both Mollie and Adyen, two players in the same sector as Yokoy, grew into billion-dollar companies in the Netherlands.