Bitpanda Reduced Expense Management Operating Costs by 62.4%
Bitpanda simplifies wealth creation. Founded in 2014 in Vienna, Austria by Eric Demuth, Paul Klanschek and Christian Trummer, Bitpanda exists to help people trust themselves enough to build financial freedom for their future.
The user-friendly, trade-everything platform empowers both first-time investors and seasoned experts to invest in the cryptocurrencies, crypto indices, stocks, precious metals and commodities they want — even outside trading hours, 24/7. With hundreds of team members from across the globe and over 4 million customers, the company is one of Europe’s most successful fintechs.
Problem: Tedious spreadsheet work makes spend management inefficient
Before using Yokoy, employees used Excel spreadsheets to manage their expenses. This manual process caused frustration among employees and led to downstream processes that needed a lot of manual intervention.
Being a successful financial services company, Bitpanda quickly realized that their current market environment required them to manage their spend more efficiently.
So, Bitpanda decided to adopt a solution that would streamline its spend management, improve efficiency, and integrate with its complex software environment.
Solution: Yokoy's easy-to-use spend management suite speeds up financial operations
Bitpanda chose to automate its spend management by partnering with Yokoy. Bitpanda considered several other spend management solutions, but quickly concluded that Yokoy was the best choice.
Yokoy’s user-friendly features and simple integration into Bitpanda’s existing software environment were major factors in the decision.
The implementation of Yokoy improved the finance processes immediately, and with Yokoy’s all-in-one spend management platform in hand, Bitpanda could take full advantage of integrated corporate cards as well.
An Interview with Peter Grausgruber, CFO of Bitpanda
The successful financial services company Bitpanda, based in Vienna, has chosen to use Yokoy’s software to automate its spend management.
Impact: Expense management operating costs reduced by 62.4%
Bitpanda’s embrace of Yokoy’s software has yielded impressive results. In just the first year of implementation, Bitpanda slashed operational costs by a remarkable 62.4%.
The entire expense process, spanning from submission to reimbursement, now moves at lightning speed, clocking in at 2.66 times faster than before.
Today, the operational costs associated with spend management is only 4% of total annual expense volume.
Bitpanda’s implementation of Yokoy’s solution was a seamless experience and the introduction of the new platform to employees hasn’t just been successful, it’s been welcomed.
Bitpanda’s CFO has recognized Yokoy’s software as a pioneer of AI-driven solutions in the finance sector for today, tomorrow, and beyond.
faster spend management
cost reduction in expense processing
decrease in operation costs associated with spend management
more expense anomalies detected
Yokoy’s solution fits so seamlessly into employees’ everyday work that there was no feedback whatsoever after Yokoy was introduced – there can hardly be any better feedback.
Bitpanda’s CFO, Grausgruber, recognizes Yokoy’s software as a frontrunner of future solutions, aligning with Bitpanda’s commitment to innovation and making financial management easier for their customers.