Osome secures $17m to enhance SMB finance solutions

Osome secures $17m to enhance SMB finance solutions

Osome, a prominent finance admin platform for founders and small and medium-sized businesses (SMBs), has successfully closed its Series B funding round, securing over $17m in capital.

The funding, a mix of equity and debt, comes from both new and existing investors.

Osome, which has demonstrated notable commercial growth, currently serves over 13,000 SMB clients and employs more than 400 staff members across several regions, including Singapore, Hong Kong SAR, the UK, the Netherlands, the Philippines, and Malaysia. In the past year alone, the company has assisted over 2,500 new businesses in launching their operations.

The recent funding will support Osome’s efforts to further its mission of providing innovative financial solutions. The company aims to enhance its offerings by integrating more automation and artificial intelligence (AI) components, thereby streamlining accounting, financial compliance, and other repetitive business tasks. These improvements are expected to drive sustainable growth and profitability in 2024.

Victor Lysenko, CEO and co-founder of Osome, highlighted the impact of the current economic climate on 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.”

The company is also focusing on marketing and customer service enhancements to better support its growing client base. Additionally, Osome plans to accelerate its go-to-market strategies to reach more SMBs globally.

Konstantin Lange, COO and co-founder, noted the challenges faced in the past year and the company’s resilience. He 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.”

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