Current SMB accounting systems are designed to hold the data of a single company in a single location, but businesses that operate multi-nationally, or have multiple entities, often end up with fragmented, siloed, and messy data, creating systemic issues.
Here’s where London-based accounting platform 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.
To accelerate its growth, Translucent raised £2.7M in a pre-Seed funding round led by London-based VC firm LocalGlobe, who also backed Wise, Zoopla and Improbable.
Several prominent angel investors also participated, including Craig Walker (co-founder and former CTO of Xero) and Co-founder and Gary Turner (former Managing Director of Xero UK) who have both joined Translucent’s board of directors.
Additionally, founders from fintech and accounting-tech leaders, such as GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc, and KashFlow, also participated.
Michael Wood, Founder and CEO of Translucent, comments: “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.”
Unified financial data and workflows
Translucent was founded in 2022 by Michael Wood (CEO), who co-founded Dext, (formerly Receipt Bank), which was acquired by leading software investor Hg in 2021.
The UK platform 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.
Translucent says it 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.
Since launching, Translucent has since expanded its team to 16 people spread across Europe, including the UK, Norway, The Netherlands, Portugal, and Slovenia.
Remus Brett at LocalGlobe VC comments: “Michael has already built one of the leading cloud accounting solutions in Dext, we think the opportunity with Translucent is to build something even bigger!”