Accounting & Financial Management firm Translucent raises £2.7m

By Gloria Methri

Translucent, the accounting platform solving the everyday finance problems of multi-entity businesses, has raised a £2.7 million pre-seed round led by London-based VC firm LocalGlobe, and backers of Wise, Zoopla, and Improbable.

Several prominent angel investors also participated in the seed round, including Co-founder and former CTO of Xero, Craig Walker, and Co-founder and former MD of Xero UK, Gary Turner, who have both joined Translucent’s board of directors, as well as founders from FinTech and accounting-tech leaders, such as GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc, and KashFlow.

Translucent enables multi-entity businesses to unify their financial data and workflows by layering on top of existing accounting software, such as Xero, Quickbooks, and Sage. The company aims to become the platform for running, managing, or advising multiple iterations of accounting software.

Translucent integrates with existing compliance solutions, stores all the data in a single place, harmonises the data and provides the toolset to enable collaboration around the data. Its functions include group reporting, bookkeeping, audit, and procurement.

Michael Wood, Founder and CEO of Translucent, said, “Xero, and others, have transformed accounting for single-entity businesses, but from my own experience, I know the problems that multi-entity businesses face. Translucent will enable businesses to consolidate their multiple entities, and the software attached to each, to create a single system of record. We are thrilled to have the backing of LocalGlobe and so many notable Angels to turn Translucent into a global company.”

Since launching, Translucent has since expanded its team to 16 people, including Ju-Vern See, co-founder of Quantico, as Head of Operations, and Stef Lewandowski, former Head of Engineering at Oak National Academy, as Chief Technical Officer (CTO). Translucent’s team is spread across Europe, including the UK, Norway, The Netherlands, Portugal, and Slovenia.