An open banking fintech has raised $2.4 million in seed funding and says it plans to tap into the know-how of UK former chancellor of the exchequer Sir Sajid Javid, who has joined the investment round. Yavrio has raised the investment round from lead investor Fuel Ventures, along with investment from Javid, Garth Ritchie, former president of Deutsche Bank, along with Dan Cobley, co-founder of ClearScore and Salary Finance.
On bringing on board Javid, a former MP who served as chancellor, health secretary and home secretary, John Lewis, co-founder and CEO, said Yavrio's chief commercial officer previously worked with Javid.
He said Javid would be “great” in expanding and articulating the fintech’s vision. He added “there are things that he has seen before that we haven’t” and that the former chancellor could also open doors to new investors.
Yavrio leverages open banking to allow customers to get data from banks into ERP (enterprise resource planning) suites and send payments from ERPs to banks. It is trying to transform the ERP space by eliminating "error and fraud-prone" CSV file imports.
The fintech says many businesses do not have embedded banking or payments and still rely on manual processing or outdated CSV files, highlighting that the files lack modern security features like encryption, password protection, and data validation, making them highly vulnerable to breaches.
Yavrio’s platform connects ERP platforms directly to banks, removing the need for manual CSV file uploads, saying this leads to fast and secure transactions.
It said it plans to use the funds for infrastructure and geographical expansion, pointing to increased work in the US.
Already linked to 10,000+ banks worldwide, customers of Yavrio's 40-strong team include self-storage firm Yellow Group, Dermalogica, the personal care brand, and an NFL team.
Lewis said:
Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities.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 funding marks a pivotal moment for Yavrio as we move out of stealth mode and start scaling globally.
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