Osome raises $17 million in Series B round to strengthen balance sheet, aiming to accelerate path to profitability.
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Scaling Up:
Osome has grown commercially, serving more than 13,000 small and medium business (SMB) customers and employing more than 400 employees in Singapore, Hong Kong, the UK, the Netherlands, the Philippines and Malaysia. It helped bring more than 2,500 new businesses to market in 2023 alone.
The company increased its 2023 earnings while reducing its burn rate, charting a clear path to profitability. Osome's new customer growth highlights the market's recognition of Osome's innovative solutions in simplifying accounting, financial compliance and other repetitive business tasks that can be automated in the next wave of innovation.
With the new funding and a clearer path to sustainable growth and profitability in 2024, Osome will double down on its founding mission to deliver innovative solutions that address key financial challenges facing modern businesses. It continues to invest in its product offerings, further emphasizing the acceleration of automation and artificial intelligence (AI) components to serve its expanding customer base more effectively. It also helps Osome invest in marketing and customer service and accelerate its go-to-market efforts.
Promotion of entrepreneurship
Victor Lysenko, CEO and co-founder of Osome, sees the current economic landscape of fewer openings and record layoffs as a catalyst for entrepreneurship. He said. “Osome was founded to support and advocate for the needs of entrepreneurs, helping them see their ideas to life. A funding winter is looming in Asia, with companies undertaking massive downsizing exercises and a much tougher working environment. This means we are seeing record numbers of individuals turning to entrepreneurship. Osome truly believes that the current recession has spurred more founders and entrepreneurs to pursue their dreams of running their own businesses and that is why we are here.”
Constantine Lang, CEO and co-founder of Osome, said: “2023 was a difficult year. it was not without growing pains. We saw a period where client revenues were growing faster and faster, which forced us to restructure as an organization to deliver positive experiences to our client partners. All things considered, we are pleased to have come out of the year bigger, stronger and better, with a renewed drive for profitability and sustainability. We couldn't have done this without the trust and support of our customers, team members and investors who view Osome as a trusted partner to help them grow their businesses.”
General director and founder of the technology, Anton Roslov, said: “Artificial intelligence will enhance the customer experience and accelerate the automation and integration of Osome's services in Osome's vision to become the leading financial operating system for entrepreneurs. Osome's next phase of growth is focused on profitability and operational excellence, while continuing to deliver high-quality service and innovation to its customers.”
Change and growth specialist Jörg Ruecki, who joins the company as president and chief transformation officer to drive the agenda and roadmap to profitability, said:
“As Osome continues to grow and expand its reach, the company remains true to its founding principle; With a solid foundation and a clear vision for the future, Osome is poised to redefine the standard of financial technology services for SMEs worldwide.”
