Osome to Focus on Automation and AI with New US$17 Million Funding

Osome to Focus on Automation and AI with New US$17 Million Funding

by May 20, 2024

Osome, a finance administration platform for small and medium enterprises (SMEs), has announced the completion of its Series B funding round, raising over US$17 million in a combination of equity and debt. This funding came from both new and existing investors.

With this new funding, Osome aims to enhance its product offerings, focusing on automation and artificial intelligence (AI) to better serve its expanding customer base.

The investment will also support marketing, customer service, and accelerate its go-to-market strategies.

Osome offers solutions in streamlining accounting, financial compliance, and other automatable business tasks.

The company is currently serving over 13,000 SME customers and employing more than 400 staff across Singapore, Hong Kong SAR, the UK, the Netherlands, the Philippines, and Malaysia.

In 2023 alone, Osome claims to have assisted over 2,500 new businesses in entering the market.

Osome reported that it has increased its revenue in 2023 while reducing its burn rate, showing a clear path towards profitability.

Victor Lysenko

Victor Lysenko

Victor Lysenko, CEO and Co-founder of Osome 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.”

Anton Roslov

Anton Roslov

Anton Roslov, the Chief Technology Officer and Founder said,

“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.”

 

Featured image credit: Edited from Freepik