London-based Open Banking fintech Yavrio has raised $2.4 million in seed funding as it seeks to “transform” the enterprise resource planning (ERP) space by eliminating CSV files, which it said are “prone” to error and fraud.
The funding round was led by Fuel Ventures with a $1.9 million investment, which joins other Yavrio investors, including former Chancellor of the Exchequer Sajid Javid, and Garth Ritchie, former president of Deutsche Bank, alongside Dan Cobley, co-founder of ClearScore and Salary Finance.
Yavrio’s platform enables businesses to connect their ERPs directly with banks, thereby removing the need for any files and, at the same time, providing real-time financial insights.
CSV files tend to lack security features such as encryption, password protection, and data validation.
According to Yavrio, its direct integration between bank accounts and ERP systems reduces the risk of fraud and error typically associated with manual processes and CSV file handling, while also saving time through automation.
“Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities,” John Lewis, chief executive officer of Yavrio, said.
“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.”
He called Yavrio 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,” Lewis added.
“This funding marks a pivotal moment for Yavrio as we move out of stealth mode and start scaling globally.”
Yavrio is connected to more than 10,000 banks across the UK, US, Europe and the Middle East, with customers that include governmental bodies, sports teams, cultural institutions and commercial enterprises.
Having started on Microsoft Dynamics 365 Business Central, it is now expanding to support other ERP platforms.
Oli Hammond, partner at Fuel Ventures, said: “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 the future holds.”
