Yavrio, an innovative FinTech focused on open banking, has successfully closed a seed funding round, raising $2.4m.
According to TechEU, the round was led by Fuel Ventures, with notable contributions from Sir Sajid Javid, a former Chancellor of the Exchequer, Garth Ritchie, ex-president of Deutsche Bank, and Dan Cobley, co-founder of ClearScore and Salary Finance.
The company specializes in integrating open banking technology with enterprise resource planning (ERP) systems. By connecting ERPs directly to banks, Yavrio eliminates the need for manual, error-prone CSV file uploads, facilitating faster and more secure transactions.
Yavrio plans to allocate the newly acquired funds towards enhancing its infrastructure and expanding geographically, with a particular focus on the U.S. market. The investment will support the company’s mission to transform how businesses interact with their financial and ERP systems, shifting away from outdated practices that are susceptible to errors and fraud.
The platform has already achieved significant integration, linking over 10,000 banks globally. Yavrio’s innovative solutions are currently utilized by notable clients such as the self-storage company Yellow Group, skincare brand Dermalogica, and an unnamed NFL team.
Yavrio’s CEO, John Lewis, emphasized the transformative impact of the funding, stating: “Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities.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.”
This round marks a pivotal moment for Yavrio as it moves out of stealth mode and begins to scale its operations globally.
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