back Back

Accounting & Financial Management firm Translucent raises £2.7m

By Gloria Methri

April 04, 2023

  • Accounting Platform
  • Accounting Software Platform
  • Bookkeeping Solutions
Share

Translucent, Financial Management, Accounting Platform, LocalGlobeTranslucent, 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.

Previous Article

April 04, 2023

EazyPay signs agreement with American Express Middle East

Read More
Next Article

April 04, 2023

Paysafe hires Nicole Carroll as Chief Strategy & Innovation Officer

Read More








IBSi Daily News Analysis

cybersecurity

April 18, 2024

Accounting Platform

GCC banks bolster Cybersecurity measures to combat email fraud

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

April 18, 2024

Aryza and Dotdigital to elevate customer experience in credit & debt management

Read More

April 18, 2024

Alter Domus goes live on the Temenos Multifonds platform

Read More

April 18, 2024

Lemon secures £500K to help SMBs track their SaaS expense

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q4 2023
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023