The cloud-based financial planning software consolidates several data sources into one hub, so that finance and accounting teams can automate the administrative tasks and focus on analysis and strategy.
“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,” says Joris Van Der Gucht, one of the co-founders.
Founded in Ghent in 2013, the startup has over 650 customers in 11 countries and plans to continue its global expansion.
Commenting on the round, co-founder Tim Vandecasteele said: “This investment from Hg will help us to accelerate our product development and provide us with invaluable insight into future developments in accounting we can capitalise on. Their considerable international experience in the accountancy sector, and understanding of technology, makes them the perfect partner for us as we begin the next phase in our international growth.”
Silverfin is Hg’s fourteenth investment in the accounting sector over the last 15 years, with a total of around €1.8 billion of invested capital in this sector alone, according to a press release.