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A snapshot of different cloud software that can integrate with Translucent
Translucent

Translucent reels in £5m funding round

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‘CFO super-app’ Translucent has raised an additional £5m investment round to build out its vision of providing a single financial system of record for multi-entity companies.

25th Aug 2023
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Founded earlier this year in London by CEO Michael Wood, who previously co-founded Dext (formerly Receipt Bank), the accounting platform was launched to tackle financial management issues for multi-entity and multi-national businesses.

The £5m seed round led by VC firms Chalfen Ventures and LocalGlobe follows a £2.7m pre-seed round announced in March 2023, bringing total investment in the company to £7.7m.

Wood told AccountingWEB earlier this week that the additional fundraising reflects the significant demand Translucent is experiencing for its platform.

“Small business accounting solutions are designed to hold the data of a single company in a single location, which forces finance teams to stitch together a patchwork of software which creates numerous problems including fragmented and messy data,” said Wood.

“The problem is actually bigger than we thought it was when we started thinking about this a year ago, and I’ve been amazed at the range and diversity of businesses that have got in touch with us after our initial launch,” Wood continued.

“Our goal is to provide a single financial system of record for multi-entity companies. It could be a chain of restaurants in the UK with five or six entities or an international business with entities in Germany, France and the UK. Both businesses have the same problem: data is fragmented and divided across multiple different accounting software packages or five copies of the same software.”

A developing app stack

Designed to integrate with the users’ existing cloud accounting tools like Xero, QuickBooks Online or Sage Accounting via API connections, Translucent brings data in from disparate systems, stores it in a single place, then uses artificial intelligence to cleanse and standardise the data, presenting it in a consolidated, standardised view.

The software then has a suite of apps built on top of its platform that allow users to tackle a range of financial issues based on the consolidated data set.

A screenshot of the Translucent product in action
Translucent

Translucent’s ‘Search’ app is available today and brings all entity information into one place, enabling users to search data across all entities

Its second app Group Reporting, is currently in beta testing. This allows users to consolidate data and produce profit and loss accounts, balance sheets and trial balances in one place.

The third app, Live Sheets, will enable users to connect to Google Sheets and work on a live stream of data to produce comparables like forecast vs actuals, while a fourth app, Intercompany, will automate the reconciliation of intercompany transactions. Wood anticipates that both Live Sheets and Intercompany will be live before the end of 2023.

The additional funding will also be used to develop more apps for the platform, including BI and Analytics, and Financial Close.

Translucent has now made its pricing details public. For access to all apps, users pay £109 per month for unlimited entities and users, paid via an annual fee. For more information visit the Translucent website.

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By EddieReddy
29th Aug 2023 14:20

Interesting that QB and Xero have never come up with something similar themselves.

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