Singapore-based company providers tremendous app Osome raises $25M Series B
Osome is a company “super app” that helps enterprise house owners with administrative duties like payroll, accounting and tax reporting. The firm introduced at present it has raised a $25 million Series B from Illuminate Financial, AFG Partners and Winter Capital. This brings Osome’s whole raised because it was based in 2017 to $51 million.
The firm says revenues have doubled since its Series A introduced in June 2021. It plans to develop into money movement optimistic inside the subsequent 12 months, and just lately introduced a digital banking partnership with Singapore monetary service company OCBC.
Osome at the moment serves greater than 11,000 enterprise in Singapore (the place it’s is headquartered), Hong Kong and the United Kingdom. It additionally presents enterprise incorporation providers in Singapore, Hong Kong and the United Kingdom, and integrates with e-commerce platforms like Amazon, eBay, Shopify, Lazada, Etsy and Shopee.
Part of Osome’s new funding will probably be used to develop its operations in Asia by focusing on aspect hustles and micro-entrepreneurs, along with its present buyer base of SMEs.
Over the final 12 months, Osome has launched an accounting platform to offer tax and monetary stories, bills and bill administration. It additionally runs a hybrid accounting service, referred to as the Accounting Factory, that mixes machine studying with human accountants and is supposed to exchange accounting software program like Xero and Quickbooks. Machine studying is used to gather, extract and categorize monetary information and reconcile it with financial institution transactions. Then Osome’s accountants have a look at that data and advise clients. Osome at the moment has greater than 100 accountants and bookkeepers, who’re full-time staff.
Other startups that supply company providers embody Sleek, Lanturn and BlueMeg. Osome founder Victor Lysenko mentioned its constructing a aggressive moats by offering a “set-up to scale-up service for businesses.”
“What business owners tell us is that they didn’t startup to do their own bookkeeping,” he mentioned. “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.”
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