Singapore-based super enterprise services app Osome raises $25 million Series BOsome Raises $25M Series B

Osome Raises $25 Million Series B: Singapore-Based Super Enterprise Services App , Eight is an enterprise “super app” that helps business owners with administrative tasks such as payroll, accounting and tax reporting. The company announced today that it has raised a $25 million Series B from Illuminate Financial, AFG Partners and Winter Capital. This brings to $51 million that Osome has raised since its founding in 2017.

The company says revenue has doubled since then his series A announced 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 corporation OCBC.

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

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

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

Other startups that offer enterprise services include Elegant, Lantern and BlueMeg. Osome founder Victor Lysenko said it is building competitive moats by providing a “scaling setup service for businesses.”

“What business owners are telling us is that they didn’t start out to do their own accounting,” he said. “We take care of the accounting so they can focus on their business. And we grow with them – our pricing model is revenue-based, not transaction-based, unlike our competitors.”

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