A platform for financial admin has snared 拢20.5 million investment from Asian, European and US investors.
Osome, founded by Victor Lysenko in 2018, helps small businesses set up through a single platform with easy to use software and an expert accountant to take care of financial admin.聽
The announcement caps off a record year for the company which has seen its UK customer base increase 3.5x, with plans to expand its London team in 2023 as the UK turns to side hustles and micro-businesses to power economic growth.聽
The company has also seen revenues double since its previous raise and plans to expand its Asia operations.
This year the company launched a comprehensive accounting platform to complement its accountant offer and also celebrates doubling customers since its last raise in 2021, having now helped open 11,000 businesses.
Lysenko attributes the company鈥檚 growth to two factors: the size of the market and a unique product approach.
鈥淪mall businesses spend billions of dollars on accounting, but accounting software doesn鈥檛 give them what they need – expert advice. Only 2% of this spend is on accounting software –聽 I鈥檓 interested in improving the 98% – the most exciting opportunity is on the human side,鈥� he said.
鈥淥ur plan is to be the largest provider of hybrid accounting services in the world. Osome鈥檚 鈥榓ccounting factory鈥� approach uses state-of-the-art machine learning to make our accountants three times more efficient. We鈥檒l triple that next year.
“Osome is the go-to platform for businesses from startup to scaleup. Our Series B raise is validation of this, putting us on course to help 1 million small businesses grow.
鈥淢y promise to small businesses is: ditch your complex tech stack and accountant, and come to Osome. Our super platform frees you up to focus on growing your business – from hassle free set up to your first tax filing.聽
鈥淪top using complicated software built for accountants – the era of Xero is over.鈥�
Ivan Ong, principal at Osome investor AFG Partners, commented: 鈥淥some is addressing a central issue in back office management for entrepreneurs and SMEs globally, and in a short time has positioned itself as a market leader in a space that has significant growth potential.聽
鈥淲e are very pleased to participate in this round and be joined by other seasoned technology investors as we support Osome on its growth path.鈥�
Luca Zorzino, investment director at Illuminate Financial Management, added: 鈥淲e are delighted to partner with Victor and the team at Osome as they build out their European & US presence.聽
鈥淎s a global investor backed by large financial institutions, we see a tremendous opportunity in bringing digitisation to incorporation and accounting services to these new geographies.聽
鈥淲e鈥檙e excited to back such an all-star team that has demonstrated they can already win in key markets in APAC.鈥�
The company has also partnered with Singaporean banking giant OCBC.
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