A platform for financial admin has tripled its customer base in 2022.
Osome, founded by Victor Lysenko in 2018, helps small businesses set up through a single platform with easy to use software and an expert accountant to take care of financial admin.
The company has enjoyed a record year, with its UK customer base increasing 3.5x. After raising £20.5 million investment from Asian, European and US investors, it plans to expand its London team in 2023 as the UK turns to side hustles and micro-businesses to power economic growth.
The company has also seen revenues double since its previous raise and plans to expand its Asia operations.
This year the company launched a comprehensive accounting platform to complement its accountant offer and also celebrates doubling customers since its last raise in 2021, having now helped open 11,000 businesses.
Lysenko attributes the company’s growth to two factors: the size of the market and a unique product approach.
“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,” he said.
“Our plan is to be the largest provider of hybrid accounting services in the world. 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.
“Osome is the go-to platform for businesses from startup to scaleup. Our Series B raise is validation of this, putting us on course to help 1 million small businesses grow.
“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.”
Ivan Ong, principal at Osome investor AFG Partners, commented: “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 very pleased to participate in this round and be joined by other seasoned technology investors as we support Osome on its growth path.”
Luca Zorzino, investment director at Illuminate Financial Management, added: “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 such an all-star team that has demonstrated they can already win in key markets in APAC.”
The company has also partnered with Singaporean banking giant OCBC.