FinTech leader Osome bags $17m Series B round for automation and expansion

May 18, 2024

36 1 minute read

Untitled design6 — stellrweb djb1whucfBY unsplash 5 scaled.jpg

Osome, a leading finance admin platform for founders and small and medium businesses (SMBs), has announced the completion of its Series B funding round, raising $17m. The funding, a mix of equity and debt, comes from both new and existing investors.

The company, which serves over 13,000 SMB customers and employs over 400 staff across Singapore, Hong Kong SAR, the UK, the Netherlands, the Philippines, and Malaysia, has seen significant commercial growth. In 2023 alone, Osome helped over 2,500 new businesses launch.

Osome is dedicated to streamlining accounting, financial compliance, and other repetitive business tasks through automation.

The new funding will be used to strengthen Osome’s balance sheet with the key objective of accelerating its path to profitability. The company plans to double down on its mission of providing innovative solutions that address the core financial challenges faced by modern businesses. This includes further investment in product offerings, particularly in automation and artificial intelligence (AI), as well as marketing, customer service, and go-to-market efforts.

Victor Lysenko, CEO and co-founder of Osome, said, “Osome was founded to support and champion the needs of entrepreneurs, to help them see their ideas come to life. Asia’s seeing a funding winter, with companies carrying out mass layoff exercises and a much more challenging job environment.

“This means we’re seeing a record number of individuals turning to entrepreneurship. Osome truly believes the current downturn has catalysed more founders and entrepreneurs to realise their dreams of running their own businesses, and that’s what we are here for.”

Konstantin Lange, COO and co-founder of Osome, said, “2023 has been a challenging year; it was not without its growth pains. We saw a period where customer revenue was growing faster and faster, which forced us to realign ourselves as an organisation to deliver positive experiences to our client partners.

“All things considered, we’re pleased to have emerged from the year bigger, stronger, and better, with a renewed push towards profitability and sustainability. We could not have done this without the trust and support of our customers, team members, and investors who view Osome as a trusted partner to help them grow their businesses.”

Keep up with all the latest FinTech news here.