Open Banking startup Yavrio has raised $2.4m in a seed funding round to help support its mission to modernise the enterprise resource planning (ERP) space.

The London fintech has been setup to eradicate error- and fraud-prone CSV file imports in ERP systems, many of which do not have embedded banking or payments and still rely on manual processing or outdated CSV files—a data storage and transfer method dating back to the 1970s.

These files lack modern security features like encryption, password protection, and data validation, making them highly vulnerable to breaches. Instead Yavrio’s platform enables businesses to connect their ERPs directly with banks, eradicating the need for any files, while providing real-time financial insights, and the ability to execute fast, secure transactions.

The round was led by VC firm Fuel Ventures. The company counts Sir Sajid Javid, former Chancellor of the Exchequer, and Garth Ritchie, former President of Deutsche Bank, among its existing investors.

John Lewis, CEO of Yavrio, said: “Over the past decade, finance teams have moved away from clunky, outdated software to embrace finance and ERP systems which improved productivity and provided automation opportunities.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.”

Oli Hammond, Partner at Fuel Ventures, added: “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.”

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