Osome, a Singapore-based financial administration platform catering to founders and small and medium-sized businesses (SMBs), has raised over $17 million in its Series B funding round which was a combination of equity and debt financing.
The round saw participation from both new and existing investors.
With the fresh funding, Osome plans to enhance its core product offerings, with a significant focus on integrating more automation and artificial intelligence technologies.
This initiative aims to streamline services for its growing customer base, improving efficiency in handling incorporation, accounting, and compliance tasks.
Victor Lysenko, CEO and Co-founder of Osome, commented on the current economic challenges, noting an increase in entrepreneurship as traditional job markets tighten.
“With the ongoing funding winter and significant layoffs in Asia, we’re seeing more individuals turning to entrepreneurship. Osome is dedicated to supporting these new entrepreneurs by making their business operations as effortless as possible,” said Lysenko.
Since its founding in 2017, Osome has demonstrated robust commercial growth.
The company currently serves over 13,000 SMB clients and employs more than 400 staff across multiple regions including Singapore, Hong Kong, the United Kingdom, the Netherlands, the Philippines, and Malaysia. In 2023 alone, Osome assisted over 2,500 new businesses in entering the market.
Despite the challenges of 2023, Osome has managed to increase its revenue and reduce its burn rate, steering towards sustainable growth and profitability in the upcoming year.
“This year was a period of realignment for our organization, which has positioned us to deliver enhanced value and positive experiences to our clients,” said Konstantin Lange, Chief Operating Officer and Co-founder.
The company also welcomed Joerg Ruetschi as President and Chief Transformation Officer to lead Osome’s profitability and operational excellence initiatives.
“Osome remains committed to its mission of making business operations effortless, and with a strong foundation, we are poised to redefine financial technology services for SMBs globally,” Ruetschi added.
Osome continues to innovate, with plans to further integrate AI to improve the customer experience and efficiency, maintaining its vision to be the leading financial operating system for entrepreneurs.
