Silverfin, a startup out of Ghent, secured $4.5M in Series A funding led by Index Ventures. Silverfin will use the investment to accelerate product development, expand the team at its headquarters in Belgium, and will use part of the funds to expand to the UK.

Founded in 2013 by Tim Vandecasteele and Joris Van Der Gucht, Silverfin is a platform that allows accountants to work smarter by integrating their entire workflow on a unique real-time connected accounting platform. In just a few years Silverfin has developed into an award-winning platform, with numerous accounting software suites connected to more than 45,000 companies.

Photo: Silverfin team. Source: Index Ventures

“Importing and exporting data between accounting software and Excel and Word creates unnecessary friction and leaves room for human error,” says Tim Vandecasteele, Silverfin’s co-founder. “Silverfin links with all data sources to eliminate those mistakes.”

The company had already secured funding. In 2016, Silverfin  got a €250K investment from Showpad founders Louis Jonckheere and Pieterjan Nuts and FinTech pioneer Jurgen Ingels.

The new $4.5M in Series A funding led by Index Ventures is putting Silverfin on the next level. Silverfin will use the investment to accelerate product development, expand the team at its headquarters in Belgium, and will use part of the funds to expand to the UK.

Building real time hub for businesses’ financial data...

“Ultimately we’re building a central nervous system for financial advisory and services firms, paving the way for us to become the first real-time monitor of businesses’ financial data,” says Silverfin co-founder Joris Van Der Gucht.

Jan Hammer, partner at Index Ventures, claims: “Fully automating data collection and reconciliation has been described as ‘the holy grail’ of accounting, because it will transform the financial advisory, accounting and auditing sectors. With Silverfin’s ability to integrate with existing software and provide a central data reconciliation platform, Tim, Joris and the team have a huge opportunity to become the gold standard solution for connected accounting.