Translucent, a UK-based accounting software platform, has secured £2.7m in a pre-seed round headed by Wise and LocalGlobe.
According to UKTN, Michael Wood founded Translucent last year after noticing the complexity associated with multi-entity companies dealing with financial data across multiple platforms.
The publication noted that 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.
The pre-seed also saw participation from 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.
Translucent founder Michael Wood said, “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.”
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