Financial news

The company has also gained backing from founders of other fintech and accounting-tech companies such as GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc, and KashFlow.

Michael Wood, founder and CEO of Translucent, expressed his satisfaction with the heightened interest the company has garnered.

“Since announcing Translucent in March we have been delighted by the volume of interest we have received,” he says.

“This fundraising allows us to further build out our platform and solve the accounting and finance problems faced by multi-entity businesses.”

Mike Chalfen of Chalfen Ventures says, “Translucent’s insight is that unified accounting data can be the basis of financial and operational insight for every multi-entity business.”

“And the opportunity to create a compound startup that drives insight for multi-entity businesses is huge; so joining the Translucent family fits perfectly into my mission of backing software startups whose technology will fundamentally alter the way companies operate,” he adds

Remus Brett from LocalGlobe VC says,  “Michael and his team have built a platform that is solving a very real problem for an ever-growing number of businesses around the world, and we’re delighted to be backing him again.”

Streamlining Global Business Accounting

With the effects of globalisation and the COVID-19 pandemic, companies are embracing the multinational or multi-entity approach earlier than ever.

Small and medium-sized business accounting systems, originally built for single companies in one place, are struggling to keep up. This situation has led finance teams to stitch together various SMB accounting software, causing disjointed, isolated and disorderly data.

Recognising this issue, Translucent offers solutions to seamlessly integrate with existing accounting platforms, centralising data into a single repository while standardising the information. This, in turn, empowers businesses to maintain their usage of familiar SMB solutions while achieving a unified and organised financial data hub.

Translucent provides apps on top of popular accounting software like Xero and QuickBooks. The first app, ‘Search’, is available now, with ‘Group Reporting’ in Beta and ‘Live Sheets’ coming soon. 

Across various industries, from software companies to restaurant groups and property developers, Translucent says its offerings have gained traction, providing much-needed relief to these entities.