Yokoy launches Visa card for business customers
We have teamed up with Visa to develop a debit card that integrates automated payment transactions into a comprehensive spend management solution.
Today we’re thrilled to announce that we have partnered with Visa to deliver a business debit card that digitizes and automates transactions.
Thanks to its versatility and attractive fee structure, the Yokoy Visa Business Card is an ideal debit card solution for companies whose employees operate across Europe.
Yokoy’s software works as an integration platform connecting the card to spend management software and existing enterprise resource planning systems.
No card fees, card account fees, transactions fees or foreign currency surcharges
Designed for all commerce-related expenses, the Yokoy Visa Business Card is available as both a physical card and a virtual product. It can be used worldwide and attracts no card fees, card account fees, transaction fees or foreign currency surcharges when used within the EU.
The classic payment card in the B2B sector, which is typically offered in isolation, is increasingly seen as an outdated solution. But the landscape is changing, thanks to our platform, which seamlessly integrates corporate cards into customers’ ecosystems.
The result is complete automation from payment to accurate and rapid booking in the financial system without any manual steps.
The new Yokoy card can not only be managed completely digitally, but also scores points by waiving any fees that would otherwise be charged for comparable cards. We’re confident that the Yokoy Visa Business Card offers companies a truly great solution in the area of spend management.
How does the Yokoy Visa card work?
When ordering their cards, customers can opt for a virtual or physical product. Virtual cards are delivered within a few seconds, and all information relevant to their use is directly available in the Yokoy platform and the cards can be used immediately.
Companies can also define the application scope for specific payments or specific individuals. And both virtual and physical Yokoy cards can be fully integrated into the Yokoy spend management system, where all transactions are trackable. The debit card is powered by Marqeta, the global modern card issuing platform, whose partners include tech giants like Klarna and Uber.
“From freelancers to large corporations, businesses of all sizes are now realising the capabilities of modern payment card platforms, which allow companies to manage spending and expenses much more efficiently. Marqeta’s European team is delighted to support Yokoy’s exciting roadmap and we’re certain this is an innovator to watch.
By choosing to work with Marqeta, Yokoy has many of the tools it needs to build and iterate additional features quickly, and expand seamlessly into new territories and markets if it wishes. We look forward to being a part of their success story in the coming months and years,” said Ian Johnson, SVP/Managing Director Marqeta (Europe).
The Yokoy software is designed to work with common financial and HR systems. Transactions are automatically transferred into the Yokoy platform and reconciled with stored receipts. As a result, a company’s finance team is able to maintain control over the entire card portfolio and all associated transactions. Yokoy’s debit card offers companies maximum flexibility, due to its ability to be customized to meet individual needs.
The Yokoy card is our vision of the European ideal: business activities across borders should be as easy and affordable as possible.
Doodle and Bitpanda among the first customers
Among the first customers of the new debit card are Doodle Germany and Austria’s Bitpanda.
Peter Grausgruber, CFO of Bitpanda says: “We chose the Yokoy card as our corporate card because thanks to the zero-fee model, we not only enjoy the ideal solution on the cost side, but at the same time it allows us to avoid a lot of manual administrative work as well as making our spend management much clearer and more efficient.”
Julia Schulze, Financial Controller of Doodle, added, “Using payment cards offered by traditional banks might have some advantages in terms of flexibility and fees, but there are also quite a few disadvantages.
For example, reporting proves to be difficult, because you usually only receive transaction data at fixed points in the month. That’s why we chose Yokoy’s cards, which allow you to see and manage transactions. In addition, with Yokoy, we have full control over the spending of our individual departments. And the fact that Yokoy does not charge any foreign currency fees and does not require a credit line were further points that convinced me.”
Ute König-Stemmler, Head of Business Development Central Europe at Visa, explains, “We are very pleased to announce the joint pan-European launch of the Yokoy Visa Business Card. With Yokoy, we have a fast-growing partner and innovation driver on our side, offering businesses in Europe a modern and comprehensive spend management solution.
This includes a card with direct connection to the company account, which employees can use both contactlessly and on the go at the point of sale, as well as online or in-app at 80 million acceptance points worldwide.”