Translucent Receives £2.7 Million Investment

Translucent, the London-based accounting and financial management platform, has received £2.7 million investment. The round was led by LocalGlobe. Angel investors joining Translucent's board include Xero's Gary Turner and Craig Walker, as well as the founders of GoCardless, Jeeves, Karbon, Libeo, ComplyAdvantage, Ignition, Hubdoc and KashFlow.

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Translucent

Translucent was established in London in 2022 by CEO Michael Wood, a respected leader in the world of accounting technology. Wood co-founded Dext (formerly Receipt Bank), which was acquired by leading software investor Hg for several hundred million GBP in 2021. Dext is used by more than 10,000 accounting firms worldwide with more than 1 million users, leading to the founding of Translucent.

Translucent builds on existing accounting software such as Xero, Quickbooks and Sage. The startup streamlines the accounting processes of multinational and wealthy businesses. It brings together financial data and workflows. Thus, instead of managing their different assets and departments separately, businesses can create a single recording system and track their business more easily.