A group of former Revolut employees have founded a new startup, LiveFlow. This startup uses artificial intelligence to automate accounting tasks and optimize financial processes. With this technology, the company aims to transform the accounting sector by relieving professionals of repetitive tasks so they can focus on higher-value analysis and strategy.
The startup's approach is based on the idea that automation should not be seen as a threat to workers but as a tool that complements their skills. Instead of eliminating jobs, accountants should be able to spend their time and talent on more important tasks such as financial decision-making and business consulting.
Intelligent automation
Artificial intelligence in accounting is not a new concept, but many solutions have been criticized for trying to replace employees. On the other hand, this startup's new platform uses AI in a complementary way, ensuring that the simplest tasks, such as data entry and report generation, are completed efficiently. The company's CEO and co-founder, Lasse Kalkar, says: "We plan to use artificial intelligence to make accounting offices more efficient, but the accountant will still be there."
The platform's modular approach allows companies to choose the tasks they want to automate. These range from reconciling accounts to automatically categorizing transactions, but there is always room for human intervention when needed.
One of the biggest challenges in implementing AI is the idea that it will replace human workers. However, the startup's founders claim that their technology is designed to work alongside accountants, not replace them. The idea is that professionals can delegate more mechanical tasks to AI to focus on more strategic areas that require a high level of analysis and specialization.
This approach aligns with a broader trend in the financial sector, where many companies are turning to automation to increase efficiency but also recognize the importance of human knowledge in making complex decisions. AI is increasingly seen as a tool for improving productivity rather than threatening traditional jobs.
The startup aims to position itself as a leader in this "collaborative automation" approach, helping to make the accounting of the future more accurate, faster, and more strategic without losing sight of the role of human professionals.
LiveFlow has already received a Series A round of 13.5 million dollars led by Valar Ventures, a venture capital firm co-founded by Peter Thiel, the former owner of Paypal.
Together with Evan O'Brien, the former technical director of Web Summit, they plan to expand in the USA. The company now counts accounting firms such as BDO and KLR, Wendy's, and Crumbl Cookies among its clients.
Its latest product, LiveFlow Next, is designed to help accounting firms do more consulting work.
In a statement, James Fitzgerald, founding partner of Valar, said: "LiveFlow helps save countless hours per month by eliminating human error."
