International success stories are rare in the Swiss startup and venture capital scene. One notable exception is Yokoy, which develops digital solutions for corporate expense management. In its last funding round in 2022, Yokoy achieved a valuation of 500 million dollars, as reported by finews.com.

Yokoy has not only completed multiple successful funding rounds in the hundreds of millions but also boasts an impressive roster of prominent reference clients. Its expense tool is used by companies like sports shoe manufacturer On, watch brand Breitling, and startups such as Beekeeper and Bitpanda.

Share Swap with TravelPerk

Yokoy has now announced a turning point. According to a recent press release, the Zurich-based company will be sold to Spanish firm TravelPerk, a provider of software and products for business travel, as part of a share swap.

«TravelPerk secures 200 million dollars in funding and acquires Yokoy to become the leading integrated travel and expense management platform», the statement reads.

Buyer Valued at 2.7 Billion Dollars

Alongside the Yokoy share swap, TravelPerk has announced the completion of its own successful Series E funding round, raising 200 million dollars. «The investment is led by European venture capital firm Atomico, supported by EQT Growth, and includes significant participation from Noteus Partners and existing investors such as Kinnevik and General Catalyst», the company disclosed.

The oversubscribed funding round doubled TravelPerk's valuation to 2.7 billion dollars, it added.

Co-Founder: «No Pressure to Sell»

finews.com discussed the deal between Yokoy and TravelPerk with Philippe Sahli, Yokoy’s CEO and co-founder.

«We had no pressure to sell,» Sahli emphasized. Thanks to the most recent funding rounds, the company had sufficient capital and liquidity to operate for an extended period.

Combining Travel and Expense

Yokoy has known TravelPerk since its inception and had already collaborated closely on an operational level. «Together, we concluded that the market increasingly demands integrated solutions for travel and expense management,» Sahli explained.

Yokoy’s core strength lies in expense management, while TravelPerk is particularly strong in business travel solutions.

Operational Continuity

«The exact product integration strategy is still unclear, but Yokoy will continue to operate as a standalone app, with the ability to integrate other travel providers besides TravelPerk,» Sahli noted. Conversely, TravelPerk will fully integrate Yokoy’s technology while continuing to support alternative expense management tools.

As for the financial details, Sahli said they remain confidential. He declined to comment on the value of the share transfer or whether previous investors, such as Sequoia Capital, Swisscom Ventures, and SIX Fintech Ventures, would need to write off any losses. «For Yokoy’s existing investors, this is a financially advantageous deal,» the CEO added.

«Not an Exit»

TravelPerk was EBIT-positive last year. What about Yokoy? «I can’t comment on that either,» Sahli responded.

He emphasized that this is not an exit and that Yokoy’s Swiss operations are not at risk. Sahli himself will remain with the company in the new structure. «Switzerland is an important market for us. Many key developers and early team members are based here,» he noted.

Sequoia Capital Onboard Since 2022

Founded in 2019, Yokoy raised over 106 million dollars in its last two funding rounds in 2021 and 2022, with the bulk of 80 million dollars coming from a Series B round led by U.S. venture capital giant Sequoia Capital from Menlo Park in Silicon Valley.

At the time, Yokoy’s valuation was communicated as 500 million dollars.

Rapid Growth Path

Shortly after its founding, Yokoy acquired the expense tool Flowexpense (finews.com noted at the time). Weeks later, it expanded to Austria, followed shortly by Germany, as reported by finews.com.

With high-profile clients such as On, the sports shoe maker associated with Roger Federer, and watch brand Breitling, led by CEO Georges Kern, Yokoy has managed to stay in the spotlight.