Osome, a Singapore-based financial admin platform that helps business owners with administrative tasks like payroll, accounting and tax reporting has announced the close of a $25 million Series B to grow its business in Singapore and expand to Hong Kong.
Founded by Ukrainian entrepreneur Victor Lysenko in 2017, Osome helps SMEs set up through a simple platform with easy-to-use software and an expert accountant to take care of financial admin.
The startup leverages Artificial Intelligence and Machine Learning techniques, combined with the experience of human experts, to solve the problem of time-consuming administrative tasks, such as payroll and secretarial work. This way, it aims to disrupt the fragmented accounting and corporate services industry.
Osome currently serves more than 11,000 businesses in Singapore (where it is headquartered), Hong Kong and the United Kingdom. It also offers business incorporation services in Singapore, Hong Kong and the United Kingdom, and integrates with e-commerce platforms like Amazon, eBay, Shopify, Lazada, Etsy and Shopee.
The startup has marked a solid year of growth. Not only has the startup seen a 3.5-fold increase in its UK customer base, but it also expects to expand its London team in the coming year as the UK looks to side hustles and micro-businesses to drive economic growth.
In addition, the company's revenues have doubled since its last funding round, and it plans to expand its operations in Asia. These exciting developments demonstrate the potential for continued success and growth for the startup.
This latest funding brings the total amount raised by Osome to $51 million after a $16 million raise from Tiger Global in June 2021.