Translucent

About Translucent

Translucent is a financial technology firm targeting the complexities of multi-entity accounting. Founded in London in 2022 by Michael Wood, the company provides a software-as-a-service (SaaS) platform designed to operate as a 'CFO super-app'. The venture is a direct result of the founder's prior experience; Wood co-founded Dext (formerly Receipt Bank) in 2010, an application that automates data extraction from receipts and invoices. After scaling Dext to over a million users and its subsequent acquisition in 2021, Wood identified a significant gap in the market for businesses that operate with multiple legal or geographical entities but find enterprise-level solutions too cumbersome and single-entity software like Xero or QuickBooks Online (QBO) insufficient.

Translucent's core business is to provide a unified system of record for finance teams managing these multi-entity structures. The platform integrates via API with existing accounting software such as Xero, QBO, and Sage, pulling data from these disparate systems into a centralized data warehouse. Here, it harmonizes and standardizes the information, allowing for consolidated analysis and workflows. The company generates revenue through a subscription-based model where clients can purchase individual app modules or a full suite of services.

The platform's product suite is comprised of a series of modular applications built upon the consolidated data. These include tools for Group Reporting, which automates the creation of consolidated financial statements like P&L and balance sheets; Intercompany, for managing and reconciling transactions between entities; Treasury, for a unified view of cash positions across different banks and currencies; and Financial Close, to streamline month-end processes. A key feature is the ability to add extra tracking dimensions beyond the limits of the underlying accounting software, providing more granular data segmentation. The company has secured significant early-stage investment, raising a £2.7M pre-seed round followed by a £5M seed round, bringing total funding to £7.7M. These rounds were supported by venture capital firms LocalGlobe and Chalfen Ventures, along with prominent angel investors from the accounting and fintech sectors, including co-founders of Xero, GoCardless, and Hubdoc.