Osome rakes in US$25M Series B to grow its accounting solutions beyond SG

Singapore-based Osome, which has developed an accounting and corporate compliance app for small and medium enterprises (SMEs), has raked in US$25 million in a Series B round from investors such as Illuminate Financial, AFG Partners, and Winter Capital.

The firm plans to expand its Asia operations, primarily in Singapore and Hong Kong.

Also Read: What any founder needs to know about the art of accounting

This announcement comes as Singaporean banking giant OCBC has launched a digital banking partnership with Osome to give businesses a one-stop shop for their financial needs.

Established by Ukrainian Victor Lysenko (who founded RocketBank and sold to payment provider Qiwi in 2017), Osome helps SMEs set up through a simple platform with easy-to-use software and an expert accountant to take care of financial admin.

It leverages Artificial Intelligence and Machine Learning techniques, combined with the experience of human experts, to solve the problem of time-consuming administrative tasks, such as payroll and secretarial work. This way, it aims to disrupt the fragmented accounting and corporate services industry.

Osome claims it has seen revenues double since its previous raise.

This year, the company launched a comprehensive accounting platform to complement its accountant offer.

Also Read: Fintech startup Osome snags US$3M funding led by Target Global, preparing Hong Kong’s, UK’s expansion

Osome now integrates with eight e-commerce platforms: Amazon, eBay, Shopify, Lazada, Esty, Shopee, Square, and Wix.

Ivan Ong, Principal at Osome investor AFG Partners, commented: “Osome is addressing a central issue in back office management for entrepreneurs and SMEs globally. In a short time, it has positioned itself as a market leader in a space that has significant growth potential.”

In June 2021, Osome secured US$16 million in Series A funding from Target Global (Berlin), AltaIR Capital, Phystech Ventures, S16VC, and Peng T. Ong of Monk’s Hill Ventures.

—

The post Osome rakes in US$25M Series B to grow its accounting solutions beyond SG appeared first on e27.