Silverfin has announced a “significant” Series B investment led by European software investor Hg.
Silverfin said the investment will be used to support the company’s expansion internationally as it responds to demand for its cloud service that consolidates real-time financial data, automates compliance reporting and improves financial planning.
Silverfin was founded in 2013 in Ghent, Belgium and now has offices in London, Amsterdam and Copenhagen. The details and terms of the transaction have not been disclosed.
Joris Van Der Gucht, Silverfin co-founder, said: “Our platform is the central nervous system thousands of businesses, and their accounting firms, rely on for efficient and effective financial management and decision making. We consolidate multiple financial data sources into one central data hub. Then we use that data to improve the speed, accuracy and quality of compliance with automation; and financial planning with our data analytics and reporting tools.
“Technology has been driving considerable innovation and change in finance and accounting. The past few weeks have shown how important this digital transformation is. Obviously there’s been a rapid move to remote working. There’s also been a widespread acceptance that cloud technology is key in enabling finance teams to operate whatever the circumstances.
He added: “Our technology helps with this and much more. Even before today’s challenges, our customers told us Silverfin has made them more efficient and more successful. We’ve made the core reporting work they do easier but we’ve also made it easier to give the advice their businesses really need, particularly now, like financial modelling, risk monitoring, benchmarking and scenario planning.”
Silverfin has more than 650 customers in 11 countries from the leading accountancy firms in Europe and North America including all of the ‘Big Four’.
Joris Van Gool, partner at Hg, said: “After seeing Silverfin in action in our portfolio for a number of years, we were impressed with the technology and the potential it offers the accounting sector. We’re delighted to be able to join and support the Silverfin team as the business continues to scale internationally.”
Hg has a long history of partnering with businesses in the tax and accounting software space. Silverfin is Hg’s 14th investment in this sector over the last 15 years, with a total of around €1.8bn (£1.6bn) of invested capital in the sector alone.