Singapore-based financial administration platform Osome has successfully raised over $17 million in a combination of debt and equity capital through a Series B funding round, with support from both new and existing investors.
Founded in 2017, Osome aims to utilize this funding to reinforce its balance sheet, with a primary goal of expediting the path to profitability. The startup offers accounting, incorporation, and compliance services to small and medium-sized businesses (SMBs) across Singapore, Hong Kong, and the UK. In 2023 alone, it claims to have assisted over 2,500 new SMBs in entering the market. Notably, Osome experienced a revenue increase while concurrently reducing its burn rate, signaling a clearer trajectory towards sustainable growth and profitability in 2024.
With a strategic focus on product development, Osome intends to allocate a portion of the funds towards accelerating the enhancement of its offerings, particularly in the realms of automation and artificial intelligence (AI) components.
Anton Roslov, the Founder and CTO of Osome, emphasizes that leveraging AI will not only enhance the customer experience but also streamline automation and integration within its SMB-oriented financial operating system.
This latest funding round comes just 17 months after Osome’s previous Series B funding round, which saw the participation of Illuminate Financial, AFG Partners, and Winter Capital, and amounted to $25 million.
Source: fintechfutures.com
