London-based accounting software platform Translucent has raised £2.7m in a round led by fintech company Wise and venture capital firm LocalGlobe.
Michael Wood, who worked in the world of accounting software, founded Translucent in 2022 after noticing the complexity associated with multi-entity firms dealing with financial data across multiple platforms.
Translucent is a platform to layer on top of existing accounting software, such as Xero, Quickbooks and Sage, and present all of the relevant data in a single space.
“Xero, and others, have transformed accounting for single-entity businesses, but from my own experience, I know the problems that multi-entity businesses face,” said Wood.
“Translucent will enable businesses to consolidate their multiple entities, and the software attached to each, to create a single system of record.”
Wood previously co-founded the accounting solution toolkit company Dext, which was acquired by Hg in 2021.
LocalGlobe was joined in the pre-seed round by ex-Xero executive Craig Walker, who co-founded and served as CTO of Xero, and Gary Turner, the co-founder and former managing director of Xero UK.
Walker and Turner have both joined the Translucent board of directors.
Other participating angels included executives from GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantages, Ignition, Hubdoc, and KashFlow.
Remus Brett, general partner at LocalGlobe said: “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!”
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