Translucent, a London-based accounting and financial management platform catering to multi-entity businesses, has successfully raised £5 million in a seed funding round co-led by Chalfen Ventures and LocalGlobe.
Founded by CEO Michael Wood, who previously co-founded Dext (formerly Receipt Bank)—acquired by software investor Hg in 2021 for several hundred million pounds—Translucent addresses financial management challenges faced by multi-entity and multinational companies. The platform enables these businesses to streamline their financial data and workflows through a suite of applications built on existing accounting software such as Xero, QuickBooks, and Sage.
The first application, ‘Search,’ is currently available; ‘Group Reporting’ is in Beta testing, and ‘Live Sheets’ will soon be made accessible to testers. The newly acquired funding will be utilized to develop additional apps, including ‘Intercompany Transactions,’ ‘BI & Analytics,’ and ‘Financial Close.’
Having raised £2.7 million in a pre-seed round just six months ago, the startup has attracted notable angel investors, including founders from leading fintech and accounting-tech companies like GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc, and KashFlow.
Michael Wood remarked, “Since announcing Translucent in March, we have been thrilled by the level of interest we have received. This fundraising allows us to further enhance our platform and address the accounting and finance challenges faced by multi-entity businesses.”