Financial admin platform Osome secures $17m in mix of debt and equity funding
Singapore-based financial admin platform Osome has secured over $17 million in debt and equity capital through a Series B funding round, which it says was supported by “new and existing investors”.
Osome secures $17m in mix of debt and equity funding
The start-up, founded in 2017, says it will use the funding to strengthen its balance sheet “with a key objective to accelerate the path to profitability”.
Osome provides accounting, incorporation and compliance services to small and medium-sized businesses (SMBs) in Singapore, Hong Kong and the UK. It claims to have helped “over 2,500” new SMBs go to market in 2023 while it simultaneously experienced a revenue increase against a decrease in its burn rate – a combination the start-up adds has outlined “a clearer path to sustainable growth and profitability in 2024”.
The firm plans to invest some of the funds to further develop its product offerings, with a key focus on “the acceleration of automation and artificial intelligence (AI) components”.
Founder and CTO Anton Roslov says Osome’s application of AI will “increase the customer experience” and “accelerate automation and integration” of its SMB-focused financial operating system.
The funding comes just 17 months after Osome secured $25 million in a previous Series B funding round, in which Illuminate Financial, AFG Partners and Winter Capital participated.
