Silverfin, a ‘connected accounting platform’, raises $4.5M Series A led by Index

Silverfin, a startup out of Ghent, Belgium (of all locations) that features a ‘connected accounting platform’ to enable firms continue to be on best of their fiscal info, has picked up $4.5 million in Collection A funding.

Index Ventures led the spherical, with participation from existing investors, although the funds injection will be utilised to broaden the team and build out the company’s global presence, starting up with the U.K.

Established in 2013, Silverfin’s system plugs into well-known accounting software and other fiscal info sources to enable finance departments, accountancy companies and consultants, this sort of as external tax specialists, get much improved authentic-time visibility of a company’s fiscal info.

Or a further way to explain it may possibly be ‘Salesforce for fiscal info,’ considering the fact that stakeholders can talk by means of the system, way too.

The plan is to consolidate (or count less on) a myriad of legacy and fragmented fiscal software tools, purposes and, of class, Excel spreadsheets, and in transform reduce the tendency for mistake, which include mechanically flagging up anomalies. It’s also built to make building experiences, this sort of as individuals that are essential quarterly or yearly, a good deal less unpleasant and updatable in authentic-time.

I’m told that sixty four,000 firms already control their funds on Silverfin, possibly right or by means of an accountancy business. The latter involves Deloitte, the well-regarded audit, consulting, tax and advisory business.

“Ultimately we’re building a central nervous system for fiscal advisory and expert services companies, paving the way for us to develop into the initially authentic-time check of businesses’ fiscal info,” suggests Silverfin co-founder Joris Van Der Gucht in a statement.

Provides Jan Hammer, companion at Index Ventures: “Fully automating info selection and reconciliation has been described as ‘the holy grail’ of accounting, because it will renovate the fiscal advisory, accounting and auditing sectors. With Silverfin’s ability to combine with existing software and present a central info reconciliation system, Tim, Joris and the team have a huge chance to develop into the gold standard answer for linked accounting”.