The financial automation hub LiveFlow announced this week it has raised $3.5 million in seed money in a funding round led by Moonfire Ventures.
“Accurate financial reporting is paramount to a business’s longevity and success,” Mattias Ljungman, founder and managing partner at Moonfire Ventures, said in the announcement on the LiveFlow website.
Ljungman added that “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.”
Other investors included Y Combinator, Seedcamp, and WndrCo, along with executives and veterans of firms such as Klarna, Google, Airbnb, Peakon, Square, Revoult and Retool.
LiveFlow, which has operations in London, Barcelon and New York City, connects its clients’ QuickBooks to their Google Sheet and updates financials automatically, allowing customers to spend less time manually moving data.
The company said in its announcement that its mission is to “help the passionate founders starting new businesses to not worry about running out of cash, to help finance teams become fully automated and to help accountants provide better strategic advice to their clients.”
LiveFlow notes there a host of new businesses needing help, with more than 14,000 companies launching in 2020.
Read more: One-Third of Small Businesses Plan to Automate Accounts Receivables by 2025
“Although we are only a little tiny part of the way in realizing our vision to helping millions of businesses around the world build better businesses by automating their financial workflows, we are proud to serve dozens of accountants, finance teams, and founders who use LiveFlow to save time and automate financial workflows,” the announcement said.
PYMNTS research, done in collaboration with American Express, found that many small businesses are turning to automation to deal with making payments, with 34% saying they are prioritizing investment in automated receivables over the next three years.
“Easy-to-use payment experiences can help SMBs in a ton of ways,” American Express Executive Vice President of Global Commercial Payments Dean Henry told PYMNTS.
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