Silverfin, a startup out of Ghent, Belgium (of all locations) that provides a ‘linked accounting platform’ to help companies stay on high of their monetary knowledge, has picked up $ four.5 million in collection A funding.
Index Ventures led the spherical, with participation from present buyers, whereas the money injection might be used to enlarge the crew and construct out the corporate’s international presence, starting with the U.ok.
founded in 2013, Silverfin’s platform plugs into well-liked accounting device and different financial information sources to help finance departments, accountancy firms and consultants, comparable to external tax specialists, get much better actual-time visibility of a company’s financial knowledge.
Or in a different way to describe it may well be ‘Salesforce for financial data,’ since stakeholders can keep up a correspondence via the platform, too.
the theory is to consolidate (or rely less on) a myriad of legacy and fragmented monetary instrument instruments, functions and, in fact, Excel spreadsheets, and in flip scale back the tendency for error, including automatically flagging up anomalies. It’s additionally designed to make producing reports, such as those which might be required quarterly or yearly, loads less painful and updatable in actual-time.
I’m informed that 64,000 businesses already manage their finances on Silverfin, either directly or by means of an accountancy agency. The latter contains Deloitte, the well-identified audit, consulting, tax and advisory agency.
“indirectly we’re building a relevant fearful device for monetary advisory and services and products firms, paving the way in which for us to develop into the first real-time reveal of businesses’ monetary information,” says Silverfin co-founder Joris Van Der Gucht in a observation.
adds Jan Hammer, partner at Index Ventures: “fully automating knowledge assortment and reconciliation has been described as ‘the holy grail’ of accounting, as a result of it’s going to become the monetary advisory, accounting and auditing sectors. With Silverfin’s capacity to integrate with existing tool and supply a significant knowledge reconciliation platform, Tim, Joris and the staff have an enormous probability to turn into the gold usual solution for connected accounting”.
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