A group of former Revolut employees launched LiveFlow. LiveFlow is an AI-driven accounting startup that aims to streamline financial workflows while keeping accountants the central figure in the process.
As enterprise software increasingly automates manual accounting tasks, LiveFlow aims to balance technology and human expertise.
LiveFlow, founded by former Revolut seniors Lasse Kalkar and Anita Koimur, has raised $13.5 million in Series A led by Valar Ventures and plans to expand in the US.
The startup leverages AI to automate the synchronization of financial data between accounting systems, payment platforms, and banks.
This eliminates many of the time-consuming tasks traditionally performed by accountants.
However, despite its high degree of automation, LiveFlow’s goal is not to replace accountants.
AI automates jobs, not eliminates them
The rise of AI in the accounting field is causing concern, with more than 300,000 US accountants leaving the profession between 2019 and 2021.
LiveFlow hopes to curb this trend by helping accounting firms become more efficient while preserving the need for human experts.
“Our plan is to leverage AI to make accounting firms more efficient, but we think accountants are here to stay,” LiveFlow CEO Kalkar explained to TechCrunch.
This sentiment is echoed by Coimuru, the company’s co-founder and chief operating officer (COO), who brings a wealth of fintech experience to the venture.
Coimour previously led Revolut’s rewards program and is now focused on improving companies’ financial management.
“Small businesses hire accountants for peace of mind,” Kalkar says. “They want to know that someone has their back. You can’t replace that with technology.”
Expansion and future plans
LiveFlow’s platform provides real-time data integration, automates financial reporting, and enhances collaboration within your enterprise.
Although the company has been tight-lipped about the specific AI models it plans to use, Kalkar noted that further developments will be rolled out over the next year.
With notable clients such as BDO and Crumbl Cookies, LiveFlow has established itself as a significant player in the U.S. accounting space.
The company’s latest product, LiveFlow Next, aims to enable accountants to offer more advisory services, positioning them as strategic partners rather than just number crunchers.
Feature image credit: Moonfire
