London-based open banking fintech Yavrio has raised $2.4 million in seed funding to bring embedded banking to the enterprise resource planning (ERP) space.
Fuel Ventures led the round with a $1.9 million investment, and was joined by angels including former Chancellor of the Exchequer Sajid Javid, ex-Deutsche Bank president Garth Ritchie, and ClearScore co-founder Dan Cobley.
ERP systems play a pivotal role as businesses continue to digitise and automate operations, yet many do not have embedded banking or payments and still rely on manual processing or outdated CSV files — a data storage and transfer method dating back to the 1970s.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, says Yavrio.
The startup is looking to change this with its platform to helps businesses 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 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.
John Lewis, CEO, Yavrio, says: “Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities.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.”