Osome Raises US$17M in Series B Funding

Money will be used to strengthen the balance sheet with a key objective to accelerate the path to profitability.

SINGAPORE, May 17, 2024 /PRNewswire/ -- Osome, a leading finance admin platform for founders and small and medium businesses (SMBs), today announced it has concluded its Series B funding round with over US$17 million in capital in a mix of equity and debt, from new and existing investors. Osome has seen commercial growth, serving over 13,000 small and medium-sized business (SMB) customers and employing over 400 staff across Singapore, Hong Kong SAR, the UK, the Netherlands, the Philippines, and Malaysia. It 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.

With new funding and a clearer path to sustainable growth and profitability in 2024, Osome will double down on its founding mission of providing innovative solutions that address the core financial challenges faced by modern businesses. It continues to invest in its product offerings, further emphasising the acceleration of automation and artificial intelligence (AI) components to serve its expanding customer base more efficiently. It also helps Osome invest in marketing and customer service and accelerate its go-to-market efforts.

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

Anton Roslov, the Chief Technology Officer and Founder, said: "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."

Joerg Ruetschi, the change and growth specialist who joins the company as President & Chief Transformation Officer to lead the agenda and roadmap to profitability, said: "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."

A media kit is available here: https://drive.google.com/drive/folders/1c042AU6QKmclmfOZPvxLMkwwqjKKiZPl?usp=sharing

About Osome

Osome is a trailblazing fintech firm revolutionising how small and medium-sized businesses (SMBs) handle incorporation, accounting and compliance. We work with entrepreneurs and business owners, helping them set up and scale up their businesses. Osome provides accounting, incorporation, compliance, company secretary and many value-added services to small and medium-sized businesses (SMBs) in Singapore, Hong Kong SAR and the UK.

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

Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslov, Osome has quickly established itself as a presence in the fintech industry. With over 400 staff and with offices across Singapore, Hong Kong SAR, Kuala Lumpur, London, Amsterdam, and the Philippines, the company is well-positioned to support the global SMB community, offering innovative solutions that address the core financial challenges faced by modern businesses. For more information, please visit www.osome.com