Yavrio, an open banking fintech, has secured $2.4 million in seed funding as it aims to address inefficiencies in enterprise resource planning (ERP) banking systems. With a focus on automating financial workflows, the company seeks to replace outdated manual processes like CSV file imports, which it claims are error-prone and susceptible to fraud. The funding round, led by Fuel Ventures, also includes investments from former UK Chancellor Sajid Javid, Deutsche Bank’s ex-president Garth Ritchie, and ClearScore co-founder Dan Cobley. The addition of Javid, who brings public and private sector expertise to the table, signals Yavrio’s intent to strengthen its strategic direction and investor outreach.
What sets Yavrio apart in the ERP space?
Yavrio leverages open banking technology to connect ERP platforms directly with banks, eliminating the need for manual uploads of CSV files. This secure and automated solution aims to streamline tasks like bank account reconciliations, reducing the risks of errors and fraud while saving time for finance teams. The company notes a gap in the market, as many businesses continue to rely on outdated financial processes without embedded banking or payment capabilities. By addressing this issue, Yavrio intends to modernize how businesses manage financial data and transactions.
How will the funds be used?
The newly raised funds will support Yavrio’s efforts to expand its infrastructure and scale operations geographically, with a particular focus on the U.S. market. The company already connects with over 10,000 banks worldwide and boasts a diverse client base, including Yellow Group, Dermalogica, and an NFL team. Yavrio’s 40-member team plans to capitalize on this momentum to further enhance its platform and grow its global presence.
Yavrio describes its platform as a solution to financial process inefficiencies, enabling seamless integration between ERPs and banks. CEO John Lewis highlighted the evolution of finance teams over the past decade, stating:
“Over the past decade, finance teams have moved away from clunky, outdated software to embrace ERP systems which improved productivity and provided automation opportunities. However, they still face challenges like manual CSV file downloads and reconciliations, which come with risks of errors and fraud. Yavrio is the next step in this evolution, automating mundane tasks to enhance ERP experiences.”
Yavrio’s proposition aligns with the growing demand for secure and efficient digital financial solutions. Similar funding announcements in recent years have highlighted an ongoing trend of investment in fintechs focused on improving workflows and reducing fraud risks. While competitors have targeted similar pain points, Yavrio’s emphasis on direct ERP-to-bank integration offers a distinct approach in an increasingly crowded market.
The company’s technology also seeks to address concerns over security vulnerabilities in CSV files, which lack features like encryption and data validation. This adds another layer of appeal for businesses looking to bolster their data protection measures while improving operational efficiency.
The integration of high-profile investors like Sajid Javid may serve as a catalyst for future funding rounds, while also opening doors to valuable partnerships. For enterprises, Yavrio’s solution presents an opportunity to enhance financial processes without relying on legacy systems.
