London-based open banking fintech Yavrio has secured $2.4 million in seed funding to revolutionize banking integrations within enterprise resource planning (ERP) systems. The funding round, led by Fuel Ventures with a $1.9 million investment, also saw contributions from high-profile angel investors, including former UK Chancellor Sajid Javid, ex-Deutsche Bank president Garth Ritchie, and ClearScore co-founder Dan Cobley.
As businesses continue their digital transformation, ERP systems play a crucial role in automating operations. However, many still lack embedded banking and payments, relying instead on outdated manual processes and CSV files, a data format dating back to the 1970s. Yavrio aims to address this issue, highlighting the risks posed by CSV files, which lack modern security features such as encryption, password protection, and data validation, making them highly susceptible to breaches.
Yavrio’s platform enables businesses to seamlessly connect their ERP systems directly with banks, eliminating the need for manual file handling. This integration provides real-time financial insights and facilitates faster, more secure transactions. The startup already connects to more than 10,000 banks across the UK, USA, Europe, and the Middle East, serving a diverse customer base that includes government agencies, elite sports teams, cultural institutions, and commercial enterprises.
John Lewis, CEO of Yavrio, points out that while modern finance and ERP systems have improved productivity and automation, they still require finance professionals to manually download CSV files, increasing the risk of errors and fraud while adding time-consuming reconciliation tasks. “Yavrio is the next iteration of this transformation. By automating bank account reconciliations, seamlessly pulling statements, reconciling them against the ledger, and posting them, we enable finance teams to maximize the value of their ERP experience without relying on spreadsheets,” he says.