Technology startup LiveFlow scored $3.5 in seed funding to build a management hub to automate financial reporting.
The company is building tools to enable finance teams to synchronize data from accounting services, banks, and payment platforms into customized reports. LiveFlow will use the funding to automate workflow, consolidate company accounts, and help finance teams collaborate. The seed funding round, which the company announced last week, was led by Moonfire Ventures, backed by Y Combinator, Seedcamp, WndrCo, and executives from Google, Square, Lyft and Klarna.
The London-based startup is benefiting from the strong fintech market as companies automate their accounting and bookkeeping systems, aiming to streamline the way financial management is performed in organizations. It was founded 11 months ago by CEO Lasse Kalkar and COO Anita Koimur (former executives at the U.K. fintech company Revolut), and CTO Evan O’Brien (formerly from the technology conference company Web Summit).
“In my previous companies, I felt the frustration of manually pulling together financial reports,” Kalkar said in a statement. “That’s where the idea for LiveFlow came from. I’ve always wondered why there isn’t a better solution for this, so I started talking with CEOs, finance teams and founders, and it soon became clear that everyone needed much greater control and efficiency — all in one place.”
Outside the U.K., LiveFlow is also building a presence in the U.S., having signed partnerships with Bookkeepers.com, Digital Bookkeeper Association and LeanLaw. Its customers include some U.S.-based virtual CFO service firms like Ascent CFO Solutions in Boulder, Colorado, and CFO Minded in Los Angeles, along with several tech startups funded by Y Combinator.
“Our long-term vision is not only to build a tool for the finance teams but to help companies create internal transparency and collaboration around their finances,” Koimur said in a statement. “We believe companies can increase employee loyalty, and internal alignment by keeping the finances open.”
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