Osome, a “Financial Admin Super Platform.” Raises $25 Million

Osome has raised $25 million in Series B funding from global investors, according to a company statement. Investors include Illuminate Financial, AFG Partners, and Winter Capital.  Osome raised $16 million in Series A funding in 2021.

Osome is described as a “financial admin super-platform” designed to help small firms to manage its accounting while being paired with an “expert accountant for growth advice.” The company reports that its UK customer base has increased by 3.5X in the past year while revenues have doubled. The company states that it intends to expand into other markets with Asia at the top of the list.

Founded by Victor Lysenko, the Fintech entrepreneur commented on the new funding:

“Small businesses spend billions of dollars on accounting, but accounting software doesn’t give them what they need – expert advice. Only 2% of this spend is on accounting software –  I’m interested in improving the 98% – the most exciting opportunity is on the human side. 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. Osome is the go-to platform for businesses from start-up to scale up. Our Series B raise is validation of this, putting us on course to help 1 million small businesses grow.”

Lysenko aims to allow smaller firms to “ditch” their complex tech stack and accountant.

Ivan Ong, Principal at Osome investor AFG Partners, stated:

“Osome 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. We are very pleased to participate in this round and be joined by other seasoned technology investors as we support Osome on its growth path.”

Osomo’s funding announcement comes as Singaporean banking firmt OCBC launches a new “seamless digital banking” partnership with Osome to give businesses a one-stop shop for their financial needs.

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