Translucent, a London, UK-based provider of an accounting platform for multi-entity and multi-national businesses, raised £5M in Seed funding.
The round was co-led by Chalfen Ventures and LocalGlobe. Translucent is also backed by angel investors, including Co-founder and former CTO of Xero Craig Walker, and Co-founder and former Managing Director of Xero UK, Gary Turner, as well as founders from fintech and accounting-tech leaders, such as GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc and KashFlow. This followed a £2.7M pre-seed round less than six months ago, which brought its total investment to £7.7M.
The company intends to use the funds to develop further apps including ‘Intercompany Transactions’, ‘BI & Analytics’ and ‘Financial Close’.
Founded by CEO Michael Wood, Translucent provides a platform that allows multi-entity businesses to unify their financial data and workflows, by offering a suite of apps on existing accounting software such as Xero, QuickBooks and Sage. The first app, ‘Search’, is available today, the second app ‘Group Reporting’ is now in Beta, and the third app ‘Live Sheets’ will soon be available to testers. The company enables businesses to continue to use the SMB solutions they currently use but unifies their financial data into a single location where it can be seen, used and edited. Translucent is being used by businesses around the world, from software companies to restaurant groups to property developers.
FinSMEs
23/08/2023