LONDON — Belgian-based financial accounting start-up Silverfin has raised £3.7 million ($US4.5 million) and will use part of the funds to expand to the UK.
The Series A round was led by Index Ventures, with additional participation from existing investors. The capital will be used to open an office in the UK, as well as to invest in product development and expand the existing team in Ghent, Belgium.
Founded in 2013 by Joris Van Der Gucht and Tim Vandecasteele, Silverfin is an accounting platform which pulls in data from popular accounting software and other sources to give businesses a precise, real-time view of their financial data in one place.
The firm says its platform addresses the “widespread frustration” faced by finance departments of their “reliance on myriad legacy financial software tools, applications, and countless Excel spreadsheets.”
The firm says that over 64,000 businesses currently manage their finances on Silverfin, either directly or through their accountancy firm.
Van Der Gucht told Business Insider: “We have already seen a lot of demand for Silverfin from accountancy firms in the UK and will be using the funding in part to set up an operation in London. As the biggest financial hub in Europe, we expect London to be a strong market for us.”
“In addition to expanding internationally, the primary use of the funds will be to accelerate product development of the Silverfin platform. This includes additional integrations with local and specialised accounting solutions and further developing functionality that allows accountants to focus on their role as strategic advisors to the business.”
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