Translucent, a London, UK-based provider of an accounting platform for finance issues of multi-entity businesses, raised £2.7M in Pre-Seed funding.
The round was led by LocalGlobe, with participation from angel investors Craig Walker, and 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.
The company intends to use the funds to accelerate growth, expand operations and its business reach.
Founded in 2022 by CEO Michael Wood, Translucent offers a solution for multinational and multi-entity accounting that unifies financial data into a single location where it can be seen, used and edited. The company integrates with existing compliance solutions, stores data in a single place, harmonizes the data, and provides the toolset to enable collaboration around the data. Functions include group reporting, bookkeeping, audit and procurement.
The system 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 team of 16 people is spread across Europe, including the UK, Norway, The Netherlands, Portugal and Slovenia. The team included 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).
FinSMEs
30/03/2023