Yavrio raises USD $2.4m to streamline ERP systems

Yavrio, a fintech company based in London, has secured USD $2.4 million in seed funding to address inefficiencies in the enterprise resource planning (ERP) space by eliminating reliance on error-prone CSV file imports.

Fuel Ventures, which made a substantial investment of USD $1.9 million, led the funding round.

Investors in Yavrio's latest funding round also include notable figures such as Sajid Javid, former Chancellor of the Exchequer, Garth Ritchie, former President of Deutsche Bank, and Dan Cobley, co-founder of ClearScore and Salary Finance.

ERP systems are integral to businesses seeking to digitise and automate their operations and contribute to a market estimated to be valued at between USD $50 billion and USD $200 billion. Despite their growing importance, many systems lack embedded banking or payments features, leading businesses to rely on CSV files—a method of data handling introduced in the 1970s. These files often lack critical modern security features such as encryption, password protection, and data validation, making them vulnerable to breaches and data exposure.

Yavrio's platform allows for the direct connection of ERPs to banks, removing the necessity for manual CSV file uploads. This integration provides businesses with real-time financial insights and the ability to conduct secure transactions swiftly. Yavrio claims that its direct integration offers better security and minimises the risk of fraud and error usually associated with manual processes and file handling, ultimately saving time by automating repetitive tasks and freeing teams to focus on higher-value activities.

The platform is already integrated with over 10,000 banks in the UK, USA, Europe, and the Middle East, catering to a diverse array of clients, including government bodies, sports teams, cultural institutions, and commercial entities.

Notably, several charities have adopted the system, achieving connectivity with over 250 banks with minimal effort compared to traditional legacy systems that require extended setup times. Yavrio initially began on Microsoft Dynamics 365 Business Central and is now expanding support to additional ERP platforms.

John Lewis, CEO of Yavrio, expressed the evolution of finance systems and the challenges they present: "Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities."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."

He added, "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 funding marks a pivotal moment for Yavrio as we move out of stealth mode and start scaling globally."

Oli Hammond, Partner at Fuel Ventures, noted the rationale behind the investment: "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."