London-based open banking FinTech Yavrio has raised £1.9m in seed funding.
The funding will be used to accelerate the firm’s mission to transform the enterprise resource planning (ERP) space by removing error and fraud-prone CSV file imports.
The round was led by Fuel Ventures and joined by a number of Yavrio investors.
Yavrio says its platform enables businesses to seamlessly connect their ERPs directly with banks, removing the need for any files, while providing real-time financial insights and the ability to execute fast, secure transactions.
It is already connected to over 10,000 banks across the UK, USA, Europe and the Middle East.
The firm has also signed up several charities that have connected over 250 banks with just a few clicks.
From beginning on Microsoft Dynamics 365 Business Central, Yavrio is now expanding this support to other ERP platforms.
“Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities,” said CEO and founder John Lewis.
“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.”
Oli Hammond, partner at Fuel Ventures, added: “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.”