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Singapore super app for business services, Osome, raises $25 million Series B • londonbusinessblog.com

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Osome is a “super app” for businesses that helps entrepreneurs with administrative tasks such as payroll, bookkeeping, and tax filing. The company announced today that it has raised a $25 million Series B loan from Illuminate Financial, AFG Partners and Winter Capital. This brings Osome’s total revenue since its inception in 2017 to $51 million.

The company says revenues have doubled since announcing the Series A in June 2021. It plans to become cash flow positive within the next 12 months and recently announced a digital banking partnership with Singaporean financial services company OCBC.

Osome currently serves more than 11,000 companies in Singapore (where it is headquartered), Hong Kong and the United Kingdom. It also offers business incorporation services in Singapore, Hong Kong, and the United Kingdom, and integrates with ecommerce platforms such as Amazon, eBay, Shopify, Lazada, Etsy, and Shopee.

Part of Osome’s new funding will be used to expand its business in Asia by targeting side businesses and micro-entrepreneurs, in addition to its current SME customer base.

In the past year, Osome has launched an accounting platform to provide tax and financial reports, expense and invoice management. It also runs a hybrid accounting service called the Accounting Factory, which combines machine learning with human accountants and aims to replace accounting software like Xero and Quickbooks. Machine learning is used to collect, extract and categorize financial data and reconcile it with banking transactions. Then Osome’s accountants review that information and advise clients. Osome currently employs more than 100 full-time accountants and bookkeepers.

Other startups offering business services include Sleek, Lanturn, and BlueMeg. Osome founder Victor Lysenko said it is building a competitive moat by providing a “set-up to scale-up service for businesses.”

“What entrepreneurs tell us is that they didn’t start doing their own bookkeeping,” he said. “We take care of the bookkeeping, so that they can focus on their business. And we’re growing with them – our pricing model is revenue-based, not transaction-based, unlike our competitors.”

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