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Accounting platform Translucent closes £5m seed round

Translucent seed
Image credit: Translucent

Financial management startup Translucent has raised £5m in a seed funding round for its accounting data unification platform.

Launched in 2022, Translucent is designed for multi-entity businesses to unify their financial data and workflows in a single digital space.

Translucent’s tools layer on top of existing accounting software such as Xero, Quickbooks and Sage.

The company said that the impact of globalisation and the Covid-19 pandemic has accelerated demand for companies to become multinational and therefore exist as several entities.

According to Translucent, its platform can prevent these multi-entity firms from suffering from fragmented data stored separately from a company’s headquarters.

Translucent founder and CEO Michael Wood said the fundraising “allows us to further build out our platform and solve the accounting and finance problems faced by multi-entity businesses”.

The funding round was co-led by Chalfen Ventures and LocalGlobe, a VC firm that has in the past backed Wise, Zoopla and Improbable, among others.

“The demand from multinationals for Translucent is as significant as it is unsurprising. 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,” said Remus Brett, general partner at LocalGlobe.

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

Translucent’s seed funding comes just six months after the company’s £2.7m pre-seed round.