Translucent, a London-based accounting and financial management platform for multi-entity businesses, has raised £5 million in a seed round co-led by Chalfen Ventures and LocalGlobe.
Targeting the financial management problems facing multi-entity and multi-national businesses, Translucent is led by CEO Michael Wood, who co-founded Dext (formerly Receipt Bank), which was acquired by software investor Hg in 2021 for several hundred million pounds.
The platform allows multi-entity businesses to unify their financial data and workflows by providing a suite of apps on top of 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 funding will be used to develop further apps including 'Intercompany Transactions', 'BI & Analytics' and 'Financial Close'.
The startup, which closed a £2.7 million pre-seed round less than six months ago, counts prominent angel investors including founders from fintech and accounting-tech leaders such as GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc and KashFlow.
Says Wood: “Since announcing Translucent in March we have been delighted by the volume of interest we have received. This fundraising allows us to further build out our platform and solve the accounting and finance problems faced by multi-entity businesses.”