A group of former Revolut employees has launched LiveFlow, an AI-driven accounting startup that aims to streamline financial workflows while ensuring accountants remain central to the process.
As enterprise software increasingly automates manual accounting tasks, LiveFlow seeks to strike a balance between technology and human expertise.
Founded by Lasse Kalkar and Anita Koimur, both of whom held senior positions at Revolut, LiveFlow raised a $13.5 million Series A led by Valar Ventures, with plans to expand in the U.S.
The startup leverages AI to automate the synchronization of financial data across accounting systems, payment platforms, and banks.
This eliminates many of the time-consuming tasks accountants traditionally perform.
However, despite the advanced automation, LiveFlow’s goal is not to replace accountants.
AI to Automate, Not Eliminate Jobs
The rise of AI in accounting has caused concerns, with over 300,000 U.S. accountants leaving the profession between 2019 and 2021.
LiveFlow hopes to curb this trend by helping accounting firms become more efficient while still retaining the need for human professionals.
Kalkar, LiveFlow’s CEO, explained to TechCrunch, “Our plan is to utilize AI to make accounting firms more efficient, but we think the accountant will still be there.”
This sentiment is echoed by the company’s co-founder and COO, Koimur, who brings extensive fintech experience to the venture.
Koimur previously led Revolut’s rewards program and is now focused on helping businesses better manage their finances.
“Small businesses hire accountants to feel safe,” said Kalkar. “They want to know someone has their back. We can’t replace that with technology.”
Expansion and Future Plans
LiveFlow’s platform offers real-time data integration, automating the creation of financial reports and enhancing collaboration within businesses.
While the company has been coy about the specific AI models they plan to use, Kalkar noted that further developments will be rolled out within the next year.
With prominent clients such as BDO and Crumbl Cookies, LiveFlow is positioning itself as a significant player in the U.S. accounting sector.
Its latest product, LiveFlow Next, is geared toward enabling accountants to offer more advisory services, thus positioning them as strategic partners rather than just number crunchers.
Feature Image Credit: Moonfire
