Singapore fintech firm Osome raises $17M Series B funding

May 17, 2024

27 3 minutes read

Osome, a Singapore-based finance admin platform for founders and small and medium businesses (SMBs), has on Friday announced it has concluded its Series B funding round with over $17 million in capital in a mix of equity and debt, from new and existing investors.

Osome said in a statement that Wwth new funding and a clearer path to sustainable growth and profitability in 2024, the firm will double down on its founding mission of providing innovative solutions that address the core financial challenges faced by modern businesses.

It said it continues to invest in its product offerings, further emphasizing the acceleration of automation and artificial intelligence (AI) components to serve its expanding customer base more efficiently.

It also helps the firm invest in marketing and customer service and accelerate its go-to-market efforts.

Victor Lysenko, Chief Executive Officer and Co-founder of Osome, sees the current economic landscape with fewer openings and record layoff numbers as a catalyst for entrepreneurship.

“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 catalyzed more founders and entrepreneurs to realize their dreams of running their own businesses, and that’s what we are here for,” he added.

Osome is a trailblazing fintech firm targeting SMBs to handle incorporation, accounting and compliance.

The firm works with entrepreneurs and business owners, helping them set up and scale up their businesses.

It provides accounting, incorporation, compliance, company secretary and many value-added services to SMBs.

Osome also provides a full-fledged service that combines software and the expertise of accountants, tax specialists, and corporate secretaries.

The firm is founded in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslov.

It has seen commercial growth, serving over 13,000 SMB customers and employing over 400 staff across Singapore, Hong Kong, the United Kingdom, the Netherlands, the Philippines, and Malaysia.

It also helped over 2,500 new businesses go to market in 2023 alone.

The company has grown its 2023 revenues while decreasing its burn rate, charting a clear path towards profitability.

The surge of new Osome customers underscores the market’s increasing recognition of Osome’s innovative solutions in streamlining accounting, financial compliance, and other repetitive business tasks that can be automated in the next wave of innovation.

“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 organization to deliver positive experiences to our client partners,” said Konstantin Lange, Chief Operating Officer and Co-founder of Osome.

“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,” he added.

Anton Roslov, the firm’s Chief Technology Officer and Founder, said that artificial intelligence will increase the customer experience and accelerate automation and integration of Osome’s services in line with Osome’s vision to become entrepreneurs’ leading financial operating system.

“Osome’s next growth stage is focused on profitability and operational excellence while continuing to provide high-quality services and innovation to its clients,” he added.

Joerg Ruetschi, the change and growth specialist who joins the company as President and Chief Transformation Officer to lead the agenda and roadmap to profitability, said that as Osome continues to evolve and expand its reach, the company remains committed to its founding principle: making business operations effortless for entrepreneurs worldwide.

“With a strong foundation and a clear vision for the future, Osome is set to redefine the standards of financial technology services for SMBs across the globe,” he added.