“We provide small and medium-sized enterprises–SMEs–with a one-stop shop,” Victor Lysenko, founder and CEO of Osome, told Crunchbase News. “The main part is accounting and bookkeeping because they need to deal with invoices and receipts and everything, but we also provide things like company incorporation, taxation and payroll. We are a full-fledged back office for entrepreneurs.”
Businesses have the option of emailing invoices and receipts to Osome so it can extract data and store the invoice, but they can also photograph them or drag and drop them into the platform, he said.
Osome, headquartered in Singapore, also has a presence in the United Kingdom, as well as Hong Kong, and will be going into Australia and New Zealand next year. The market Osome is operating in is “huge” and “ripe for disruption,” Lysenko said. There is the potential to reach 10 million entrepreneurs, and the entire market is estimated to be valued at $10 billion, he added.
XA Network and AltaIR Capital participated in the round, which brings the total funding for the company to $8 million since being founded in 2018, Lysenko said. That includes a $1.5 million round of funding in 2018 and a $3 million round last year led by Target Global, according to Crunchbase data.
“The company’s business model drives a step-change in both efficiency and customer satisfaction through automation, leading to a high potential for growth and profitability,” he added.
Osome will put the new funding to work over the next year on product development, gaining new customers, targeting new customer segments–such as e-commerce–and working with banks in the jurisdictions where they operate to facilitate integration onto its platform.
“One of the major problems we are seeing is companies receive invoices, and they need to pay them, as well as understand which have been paid or not, to store them and make sure nothing is lost,” Lysenko said. “Neither accountants nor banks can solve this problem, and that is the place where we want to help.”