London’s LiveFlow has wrangled $3.5 million in a seed funding round. The fintech is crafting a platform to pipe and organise all financial data into a single source of truthiness. The flock will be used to further develop the company’s financial management hub tools and expand its geographic footprint. Prior to this raise, LiveFlow was operating on $450,000 in pre-seed funding.
Seemingly angling to go head to head with other Y Combinator grad Abacum, LiveFlow is out to make the lives of finance teams infinitely all the better. Sidestepping the Excel and Sheets method of financial management, LiveFlow is building a set of tools that allow these teams to plug real-time data from accounting services, banks, and payment platforms into their custom reports. LiveFlow gives finance teams the ability to automate workflows (see ya human errors), consolidate company accounts, and collaborate with all business units in real-time.
Founded just 11 months ago by former Revolut head of growth (Nordics) Lasse Kalkar, former Revolut global business development lead Anita Koimur, and longtime WebSummit staff software engineer / product engineering lead Evan O’Brien, the power trio is tapping into their previous experiences with high growth companies to move the needle forward faster with LiveFlow.
“In my previous companies, I felt the frustration of manually pulling together financial reports. That's where the idea for LiveFlow came from,” commented Kalkar. “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.”
Within the short span of one, dare I say challenging, year, LiveFlow has attracted the patronage of a number of mostly-US based companies including Ascent CFO, CFO Minded, TinyCFO, and a number of fellow Y Combinator startups.
“LiveFlow has enabled my firm to provide clients with real-time financial data and improved insight into cash flow management. We hear all the time that clients want more insight,” said CFO Minded founder Josh Greenbaum. “Since LiveFlow is a completely automated technology, we build the tools upfront and clients have real-time access to their information and are better served by our team.”
LiveFlow’s $3.5 million seed round was led by Moonfire Ventures and saw participation from Y Combinator, Seedcamp, and WndrCo. Angel investors in the round include Victor Jacobsson, co-founder of Klarna; Bradley Horowitz, former VP Product at Google; Oliver Jung, former VP International Expansion at AirBnB, Phillip Chambers, Peakon founder and CEO, and additional undisclosed participants.
“Accurate financial reporting is paramount to a business’s longevity and success,” commented Moonfire Ventures’ Mattias Ljungman. “LiveFlow provides a critical service by automating and streamlining the reporting process, giving businesses the visibility and real-time information they need to better manage their business.”