Swiss Expense Fintech Yokoy Extends Its Footprint to Austriaby Fintechnews Switzerland November 19, 2020
Swiss fintech company Yokoy has opened a new office in Vienna, Austria to serve the DACH market with its expense solution. Reportedly, they have already signed on their Austrian customers.
Yokoy uses artificial intelligence to fully digitalise and automate companies’ expense and corporate credit card processes. The fintech startup is supported by the investors Swisscom Ventures and SIX Group.
In October 2020, Yokoy had announced the acquisition of its competitor product FlowExpense which is an expense management tool from the Zug-based consulting company Innflow AG. Yokoy already counts over 150 well-known global companies such as Stadler Rail and Swissquote among its customers.
Vienna as the gateway to Europe
When asked why Vienna was the first office outside of Switzerland to be opened, Melanie Gabriel, co-founder and CMO of Yokoy, answers:
“Our goal is to serve the DACH but also the pan-European market with our solution. By developing customer-specific features, we can meet all national and global requirements. The Austrian market is characterised by a unique central geographical location. This makes it possible to establish an initial base close to Switzerland and thus acts as a hub for expansion into other European markets”.
Following its expansion to Vienna, Stephan Hebenstreit joins the Swiss management team as managing director of Yokoy in Austria.
In recent years Stephan Hebenstreit has been intensively involved in the topics of digitalisation, innovation and automation. In these areas he was able to gain the necessary experience as a co-founder of FREYGEIST lightweight e-bikes, as an independent consultant, and most recently at PwC in the area of ‘Digital and Innovation’.
Yokoy said that their strong growth in Switzerland has shown them the need for their solution in other countries and that they will start their expansion plan with the office in Vienna.