SINGAPORE fintech Osome has bagged US$25 million in Series B funding, with the round comprising investors like fintech venture capital fund AFG Partners and venture capital firm Illuminate Financial.
“(Osome) plans to expand its Asia operations as Singapore and Hong Kong turn to side hustles and micro-businesses to power economic growth,” said the company, which helps small businesses that are setting up manage corporate paperwork and reporting on a single platform.
In a statement on Tuesday (Dec 6), Osome said it has seen revenues double since its previous raise. It secured a US$16 million Series A investment last year. Its customer base has also doubled since.
The company was founded by serial entrepreneur Victor Lysenko in early 2018. Osome has helped open 11,000 businesses to date.
This year, it launched a comprehensive accounting platform that provides tax and financial reports, expenses, invoice management, and live chats with accountants.
It is integrated with various e-commerce platforms such as Amazon, Shopee and Lazada. It also has a partnership with OCBC, where those who register for OCBC’s business accounts get to enjoy discounts on Osome’s corporate services.
Lysenko attributes the company’s growth to the size of the market and a unique product approach. “Our plan is to be the largest provider of hybrid accounting services in the world. Osome’s ‘Accounting Factory’ approach uses state-of-the-art machine learning to make our accountants three times more efficient. We’ll triple that next year,” he said.
Ivan Ong, principal at AFG Partners, said: “Osome is addressing a central issue in back-office management for entrepreneurs and SMEs (small and medium-sized enterprises) globally, and in a short time has positioned itself as a market leader in a space that has significant growth potential.”
Luca Zorzino, investment director at Illuminate Financial, said the investor sees a “tremendous opportunity” in bringing digitisation to incorporation and accounting services to new geographies.