Singapore-based fintech firm Osome has successfully raised $17 million in a Series B funding round aimed at enhancing its automation and AI capabilities. The funding round, led by Illuminate Financial, AFG Partners, and Winter Capital, will support Osome’s ambitious plans for product innovation and global expansion.
Company Background
Founded in 2017 by Victor Lysenko, Konstantin Lange and Anton Roslov, Osome is headquartered in Singapore. The company specializes in providing automated administrative services such as accounting, compliance, and payroll management for small and medium-sized enterprises (SMEs). With a rapidly growing user base of over 13,000 SMEs globally, Osome operates with a dedicated team of more than 400 employees spread across its offices in Singapore, Hong Kong, and the United Kingdom. Lysenko, who previously founded RocketBank, leads the company from its London office.
Business Model and Services of Osome
Osome is dedicated to providing comprehensive administrative services tailored to small and medium-sized enterprises (SMEs). Its platform leverages artificial intelligence to automate a wide range of tasks including accounting, compliance, payroll management, and company registration. The service is particularly beneficial for entrepreneurs and business owners, helping them streamline their operations and focus on growth. By combining software with the expertise of accountants, tax specialists, and corporate secretaries, Osome offers a robust solution to the administrative challenges faced by modern businesses.
Funding Details
The $17 million Series B funding round includes both equity and debt, reflecting strong investor confidence in Osome’s business model and growth potential. Key investors in this round are Illuminate Financial, AFG Partners, and Winter Capital. The funds will be strategically used to enhance Osome’s AI capabilities, expand its product offerings, and support its marketing and customer service efforts. This investment aims to solidify Osome’s position as a leading financial operating system for SMEs.
“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.”
Victor Lysenko, CEO and Co-founder of Osome
“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.”
Konstantin Lange, COO and Co-founder of Osome
“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.”
Anton Roslov, the Chief Technology Officer and Founder
Purpose and Plans for Funding
Osome plans to utilize the new funds to drive its next growth phase, focusing on profitability and operational excellence. The funding will enable the company to enhance its automation and AI components, providing more efficient services to its expanding customer base. Additionally, Osome intends to invest in its marketing efforts and improve customer service to better support its clients. This strategic allocation of funds will help Osome maintain its competitive edge and continue offering high-quality, innovative solutions to SMEs globally.
Market Impact and Goals
With the new $17 million Series B funding, Osome aims to significantly enhance its market presence and impact. The company plans to leverage these funds to expand its automation and AI capabilities, making its services more efficient and accessible to a broader range of small and medium-sized enterprises (SMEs). By focusing on these technological advancements, Osome expects to streamline financial and administrative tasks for SMEs, allowing them to concentrate on growth and innovation. The company also plans to invest in marketing and customer service to better support its expanding customer base and maintain a competitive edge in the fintech industry.
Customer and Market Context
Osome’s services are particularly vital for SMEs navigating the complexities of financial administration, especially during economic downturns. The company’s automated platform addresses critical pain points such as accounting, compliance, and payroll management, providing reliable and efficient solutions that are crucial for business continuity. With the recent funding, Osome is well-positioned to support more SMEs globally, ensuring they have the tools needed to thrive in a competitive market. The company’s focus on AI and automation aligns with broader industry trends, making it a key player in the evolving fintech landscape.
Conclusion
Osome’s $17 million Series B funding marks a significant milestone in the company’s growth journey. By focusing on enhancing AI and automation capabilities, Osome aims to provide even more efficient and effective administrative services to SMEs. This funding will enable the company to expand its product offerings, improve customer service, and drive its go-to-market strategies. With a solid foundation and a clear vision for the future, Osome is well-positioned to continue its upward trajectory and make a substantial impact on the fintech industry.
