“Can an AI-native spend management platform become the financial operating system for global enterprise finance teams by embedding corporate cards, invoice automation, and travel management into a single workflow?”
Founded in 2019 as 'Expense Robot' in Zurich, Yokoy quickly evolved into a broader AI-powered spend management suite covering expense management, invoice management, and corporate cards under the 'Yokoy Pay' brand. After rapid growth funded by Sequoia and Balderton, the company was acquired by / merged into Perk, which now operates the platform as an integrated travel, spend, and events management suite. The embedded finance angle centers on the Perk Card (Visa corporate debit) powered by Modulr for e-money accounts and Transact Payments Malta Limited for card issuing — enabling Yokoy/Perk to offer physical and virtual corporate cards directly within the spend management workflow without holding a banking license itself.
Yokoy discloses Modulr as its banking provider, according to the Embedded Finance Index 2026.
Yokoy does not disclose a bank charter of its own; its banking services are provided through Modulr.
Yokoy's cards are issued through Transact Payments Malta Limited.
Yokoy integrates with ERP systems (referenced generically in integrations) and P2P systems (referenced generically in integrations).
The Embedded Finance Index 2026 maps 3 layers in Yokoy's stack: Banking / BaaS (Modulr); Card issuing (Transact Payments Malta Limited); Accounting (ERP systems (referenced generically in integrations) and P2P systems (referenced generically in integrations)).
Yokoy was founded by Philippe Sahli and is founded in 2019, headquartered in Zurich, Switzerland.
Yokoy has raised $107M+ in total (latest round: Series B, March 2022).
Get a read on where your own stack stands against Yokoy and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.