Yavrio, a London-based Open Banking fintech, has raised $2.4 million in seed funding to accelerate the fast-growing firm’s mission to transform the enterprise resource planning (ERP) space by eradicating error- and fraud-prone CSV file imports. Fuel Ventures led the round with a $1.9m investment and joins an illustrious group of Yavrio investors which includes Sajid Javid, former Chancellor of the Exchequer, and Garth Ritchie, former President of Deutsche Bank, alongside Dan Cobley, co-founder of ClearScore and Salary Finance.
ERP systems play a pivotal role as businesses continue to digitise and automate operations, driving a substantial market valued between $50 billion and $200 billion. Despite their importance, many do not have embedded banking or payments and still rely on manual processing or outdated CSV files—a data storage and transfer method dating back to the 1970s. These files lack modern security features like encryption, password protection, and data validation, making them highly vulnerable to breaches. Sensitive information is easily exposed if intercepted or improperly stored, highlighting the urgent need for more secure and efficient alternatives.
Yavrio’s cutting-edge platform enables businesses to seamlessly connect their ERPs directly with banks, eradicating the need for any files, while providing real-time financial insights, and the ability to execute fast, secure transactions. Yavrio’s direct integration between bank accounts and ERP systems ensures the utmost security, eliminates the risk of fraud and error associated with manual processes and CSV file handling and saves time by automating tedious processes, allowing teams to focus on high-value tasks.
Yavrio is already connected to over 10,000 banks across the UK, USA, Europe and the Middle East with an ever-expanding customer list ranging from governmental bodies and elite sports teams to cultural institutions and commercial enterprises. The firm has also signed up several charities that have connected over 250 banks with only a few clicks, as opposed to the traditional implementation with legacy products that take days, if not weeks. From beginning on Microsoft Dynamics 365 Business Central, Yavrio is now expanding this support to other ERP platforms.
John Lewis, CEO of Yavrio, explained: “Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities. However, for all the incredible opportunities they offered, they have fallen short as finance professionals still had to manually download CSV files, with significant error and fraud risk, and carry out time-consuming reconciliations.
“Yavrio is the next iteration of this transformation. By automating the mundane task of bank account reconciliations, effortlessly pulling the statements from the bank account, reconciling them against the ledger, and posting them, we enable finance teams to get the most out of their ERP experience without the spreadsheet headaches. This funding marks a pivotal moment for Yavrio as we move out of stealth mode and start scaling globally.”
Oli Hammond, Partner at Fuel Ventures, discussed the background to its investment: “We are always looking to find the top per cent of businesses that can not only match leading operators but can transform industries at scale. What we continue to see from the team at Yavrio is a sharpness that keeps them steps ahead of the competition. They are currently leading the conversation about enabling finance teams with embedded banking and payments as they bring their products to market, and we are very excited to see what thea future holds.”
Read the orginal article: https://ffnews.com/newsarticle/funding/open-banking-fintech-yavrio-raises-2-4-million-to-bring-embedded-banking-and-payments-to-erp/
