Osome raises USD 25 mln

Friday 9 December 2022 13:38 CET | News

Osome, a Singapore-based financial admin platform, has snared USD 25 million investment from Asian, European, and US investors.

The company has seen revenues double since its previous raise and plans to expand its Asia operations as Singapore and Hong Kong turn to side hustles and micro-businesses to power economic growth. It has also seen its UK customer base increase 3.5x, with plans to expand its London team in 2023.

The company helps small businesses set up through a single simple platform with easy-to-use software and an expert accountant to take care of financial admin.

In 2022, the company launched an accounting platform to complement its accountant offer and also celebrates doubling customers since its last raise in 2021, having now helped open 11,000 businesses.

The company’s growth is attributed to two factors: the size of the market and a unique product approach. Osome’s ‘Accounting Factory’ approach uses state-of-the-art machine learning to make their accountants three times more efficient.

Osome is a single platform automating small business financial admin, paired with an expert accountant for growth advice.

Osome’s partnership with OCBC

The company’s USD 25 million Series B announcement comes as Singaporean banking giant OCBC launches a new digital banking partnership with Osome to give businesses a one-stop shop for their financial needs.

Osome, a Singapore-based financial admin platform, has snared USD 25 million investment from Asian, European, and US investors.

Through the partnership with digital corporate secretary Osome, OCBC became one of the first banks to launch a one-stop platform for Singapore entrepreneurs to incorporate their companies and open an OCBC business account at the same time. This comes amid a growing trend of online incorporation and account opening amongst entrepreneurs who value the convenience provided.

With the new offer, small and medium-sized enterprises (SMEs) can get both online tools and use skilled professionals to apply them for the best results. OCBC Bank's customers can now get an Accounting and HR package that includes Xero, a widely-used accounting software, and Talenox, a popular and flexible payroll tool.

On the client's side, using the package looks like this: Osome professionals prepare and file all the necessary paperwork using Xero and Talenox while keeping the client company updated.

Using accounting platforms

Accounting software offers many features to optimise a business. From basic invoicing and billing to tax calculations and project management, accounting software is an essential tool for a business’ financial data. It also helps manage clients, reconcile bank accounts, and generate insightful financial reports that help your business grow smoothly and continuously.

Invoicing and billing are indispensable business functions and the main source of cash flowing into a business. Managing invoices on paper is tedious, time-consuming, and error prone. When you have recurring orders, it is not feasible to create physical invoices for each time your client buys from you. It is also difficult to track invoices and remind customers of pending payments without automated software.

Accounting software addresses these issues effectively and provides you with features that make invoicing easy. Accounting apps allow businesses to automate payment reminders. You can set up reminders based on invoice due dates or expected payment dates and the software will send them to your customers automatically. With an accounting app, you can track all your unpaid invoices, remind customers to make sure they pay on time, and prevent accidental missing payments.

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Keywords: funding, expansion, artificial intelligence, super app, investment
Categories: Banking & Fintech
Companies: Osome
Countries: Singapore
This article is part of category

Banking & Fintech


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