Singapore startup Osome raises $25 million
Attracting investment for startups is the main goal. After all, investment is what allows them to exist and grow. As the digitalization of the financial sector continues to gain momentum, large investments are actively attracting fintech startups. This allows them to expand the list of services they offer and explore new markets.
For example, Singapore-based fintech startup Osome has raised $25 million. These funds will be used to expand the company’s activities in Asian countries. It is noted that the Asian market is a core market for Osome, so this decision was extremely important for the company.
Illuminate Financial, AFG Partners, and Winter Capital made investments in Series B. This brings the total amount raised since Osome’s inception to $51 million. The Series A investment took place in June 2021. Since then, Osome’s revenue has doubled, according to the company’s founders. The startup has also previously successfully raised investments in 2018, 2019, and 2020.
Osome is a fintech company that was founded in 2017 by Rocketbank co-founder Viktor Lysenko and iPrice Group founder Konstantin Lange. The entrepreneurs’ goal was to create a financial administration platform that could help business owners perform administrative tasks and simplify these processes. Such tasks include both payroll and accounting, as well as tax reporting.
Osome’s services are now used by more than 11,000 businesses and companies in Singapore, where the company is based, as well as in Hong Kong and the U.K. The startup also offers business registration services in Singapore, Hong Kong, and the U.K. and integrates with e-commerce platforms such as Amazon, eBay, Shopify, Lazada, Etsy, and Shopee.
Over the past year, Osome has launched an accounting platform to provide tax and financial reports, as well as expense and account management. The company is also launching Accounting Factory, a hybrid accounting platform that combines machine learning and full-time employees. The platform was created to replace accounting software Xero and QuickBooks.
According to one of the founders of Osome, the startup takes care of bookkeeping, allowing business owners to deal with other important issues. What makes the project special is that it grows with the businesses that use Osome’s services. The company’s pricing model is based on revenue, not customer transactions like Osome’s competitors. Therefore, the financial project is gaining popularity, constantly expanding, and continuing to explore new markets.