London-based open banking fintech Yavrio has successfully secured $2.4 million in seed funding aimed at integrating embedded banking within the enterprise resource planning (ERP) sector.
Fuel Ventures spearheaded the investment round with a contribution of $1.9 million. They were joined by notable angel investors, including former Chancellor of the Exchequer Sajid Javid, ex-Deutsche Bank president Garth Ritchie, and ClearScore co-founder Dan Cobley.
ERP systems are crucial as businesses increasingly digitize and automate their operations. However, many companies still lack embedded banking or payment solutions, instead relying on manual processes or outdated CSV files from the 1970s—methods that are not equipped with modern security features like encryption or password protection, making them susceptible to breaches, according to Yavrio.
The startup aims to revolutionize this landscape with a platform that enables businesses to connect their ERPs directly with banks, eliminating the reliance on files and providing real-time financial insights alongside the capacity for swift, secure transactions.
Yavrio has established connections with over 10,000 banks in the UK, USA, Europe, and the Middle East. Its clientele spans a variety of sectors, including governmental organizations, elite sports teams, cultural institutions, and commercial enterprises.
John Lewis, CEO of Yavrio, emphasizes the need for change: “In the past decade, finance teams have shifted away from cumbersome software to finance and ERP systems that enhance productivity and automation. However, despite the benefits, finance professionals have often found themselves manually downloading CSV files, facing significant risks of error and fraud, and engaging in tedious reconciliation processes.
“Yavrio represents the next phase of this evolution. By automating the routine task of bank account reconciliations—effortlessly gathering statements, reconciling them with the ledger, and posting transactions—we empower finance teams to maximize their ERP potential without the frustrations associated with spreadsheets.”