This AI-based business assistant app just raised $25M to digitise accounting

Osome
Osome

Osome, a Singapore-based financial admin super platform, announced that it has secured $25 million in a Series B round of funding from Illuminate Financial, AFG Partners, and Winter Capital (also invested in Money View). The business assistant app has secured a total funding of $51 million since its inception with this funding. 

As per the company press release, Osome has witnessed a 3.5x increase in customer base with plans to expand its London team in 2023 as the UK turns to side hustles and micro-businesses to power economic growth. 

The Asian company has also seen revenues double since its previous raise and plans to expand its Asia operations to Singapore and Hong Kong. 

Victor Lysenko, founder and CEO says, “Small businesses spend billions of dollars on accounting, but accounting software doesn’t give them what they need – expert advice. Only 2% of this spend is on accounting software – I’m interested in improving the 98% – the most exciting opportunity is on the human side.”

“Our plan is to be the largest provider of hybrid accounting services globally. Osome’s ‘Accounting Factory’ approach uses state-of-the-art machine learning to make our accountants three times more efficient. We’ll triple that next year,” Lysenko adds.

Helps set up small businesses

Founded by a serial entrepreneur, Victor Lysenko, Osome 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. Further, Osome automates accounting, payroll, taxes, and other administrative tasks and helps entrepreneurs focus on what they do best.

The company’s AI and professional agents take over the documents and convert them into actionable numbers, tax filings, and reports to ensure the company stays compliant and meets the mandated deadlines. 

Earlier this year, the company launched a comprehensive accounting platform to complement its accountant offer. 

To reiterate, Osome Accounting is the automated accounting platform providing tax and financial reports, expenses, invoice management, and live chat to human accountants. 

“Osome is the go-to platform for businesses from startup to scale-up. Our Series B raise is a validation of this, putting us on course to help 1 million small businesses grow,” says Victor Lysenko.

Currently, Osome employs people of over 40 nationalities across 11 countries. “Our global leadership team is made up of talented experts from a variety of backgrounds and includes: Victor Lysenko (Founder and CEO); Konstantin Lange (COO); Sharon Johal (VP People & Culture); Dima Bykov (VP Product); Helena Flores (VP Accounting); Vlad Sharuda (CMO); Vanessa Braun (MD Singapore); Alexey Potemkin (MD UK); Tong Ip (MD HK), Anton Roslov (CTO), Wan Rasheedah MD Malaysia).”

“My promise to small businesses is: ditch your complex tech stack and accountant and come to Osome. Our super platform frees you up to focus on growing your business – from hassle-free set up to your first tax filing. Stop using complicated software built for accountants – the era of Xero is over,” he adds. 

Ivan Ong, Principal at Osome investor AFG Partners, comments, “Osome is addressing a central issue in back office management for entrepreneurs and SMEs globally, and in a short time has positioned itself as a market leader in a space that has significant growth potential. We are pleased to participate in this round and be joined by other seasoned technology investors as we support Osome’s growth path.”

Luca Zorzino, Investment Direct at Illuminate Financial Management, adds, “We are delighted to partner with Victor and the team at Osome as they build out their European & US presence. As a global investor backed by large financial institutions, we see a tremendous opportunity in bringing digitisation to incorporation and accounting services to these new geographies. We’re excited to back an all-star team that has demonstrated they can already win in key markets in APAC.”

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