Singapore-headquartered FinTech startup, Osome, announced the closing of its recent Series B funding round, raising US$25 million to support the growth and scale of its accounting solution beyond Singapore.
Financial technology is a fast-growing industry, with over 1,007 operating FinTech firms in Singapore alone. Investments into the FinTech landscape have increased correspondingly, opening the space for new and emerging companies to innovate and streamline solutions.
Singaporean rising financial administration platform, Osome, has recently announced closing its successful Series B round, securing US$25 million to grow its solution and fund expansion plan across the region.
Founded in 2017, Osome is headquartered in Singapore, with presence in Hong Kong and the United Kingdom, serving over 11,000 businesses. Labelled a “superapp” for financial administrative tasks, the platform provides essential services including payroll, accounting, and tax reporting, along with other ad-hoc solutions.
Foreseeing great potential in Osome’s accounting solution, many eminent venture capital firms were among those backing the funding round, including Illuminate Financial, AFG Partners and Winter Capital. Upon closing the Series B round, total capital raised since Osome’s establishment now stands at US$51 million.
The funds raised will primarily serve as a capital investment into streamlining its product offerings, and expanding its operations in Asia. Osome aims to target new and emerging startups, along with micro-entrepreneurs, and those with a side hustle- an extension to its current consumer base of small and medium enterprises (SMEs).
Last year, Osome launched its newest solution- an accounting platform which provides tax and financial reports, in addition to expenses and invoice oversight. It currently operates a hybrid accounting service, integrating human accountants with machine learning capabilities, as means to substitute financial software such as Xero and QuickBooks, with improved data collection, extraction, and reconciliation. The superapp currently has a database of over 100 accountants and bookkeepers.
Victor Lysenko, the founder and CEO of Osome, believes that their platform has laid the foundation for businesses to “set up to scale-up” through their simplified yet enhanced service offerings, giving them a competitive edge in the market.
“We take care of the bookkeeping so they can focus on their business. And we grow with them — our pricing model is based around revenue, not transactions, unlike our competitors,” added Victor.