Osome, a prominent finance administration platform, has successfully raised over US$17 million in a Series B funding round in a strategic move to solidify its financial foundations and expedite its journey towards profitability. This round, comprising both equity and debt, saw contributions from new and existing investors.
Expanding influence and innovative solutions
Based in Singapore, Osome is renowned for its tailored financial solutions aimed at founders and small to medium-sized businesses (SMBs). The company boasts a customer base of over 13,000 SMBs and employs more than 400 staff across several countries including Singapore, Hong Kong, the UK, the Netherlands, the Philippines, and Malaysia. Notably, in 2023 alone, Osome assisted over 2,500 new businesses in launching their operations.
Despite the challenging economic conditions, Osome has managed to increase its revenues in 2023 while reducing its operational costs, steering a clear course towards profitability. The increasing influx of new clients is a testament to the market's growing recognition of Osome's pioneering solutions in simplifying accounting, financial compliance, and automating repetitive business tasks.
Leadership insights on the funding and future directions
Victor Lysenko, CEO and Co-founder of Osome, views the current economic downturn, characterised by fewer job opportunities and high layoff rates, as a prime catalyst for 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.”
Konstantin Lange, COO and Co-founder, reflected on the past year's challenges and achievements, saying: “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.”
Anton Roslov, Chief Technology Officer and Founder, highlighted the role of artificial intelligence in enhancing customer experiences and boosting automation, saying: “Artificial intelligence will increase the customer experience and accelerate automation and integration of Osome's services in line with Osome's vision to become entrepreneurs' leading financial operating system. Osome's next growth stage is focused on profitability and operational excellence while continuing to provide high-quality services and innovation to its clients.”
Joerg Ruetschi, recently appointed President & Chief Transformation Officer, emphasised Osome's ongoing commitment to its core mission. He said: “As Osome continues to evolve and expand its reach, the company remains committed to its founding principle: making business operations effortless for entrepreneurs worldwide. With a strong foundation and a clear vision for the future, Osome is set to redefine the standards of financial technology services for SMBs across the globe.”
