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Osome is the Singapore fintech a company created in 2018 by the co-founder of Rocketbank"." Viktor Lysenko The startup has launched cloud service (), SaaS thanks to which organizations can remotely work with corporate documents and reports. Osome's list of services includes, accounting company registrations and corporate secretary services.
In addition, the cloud service, which can be used on a computer or in mobile devices, reminds of the need to submit reports and warns if any documents are missing. The technological basis of Osome is artificial intelligence algorithms.
History
2023: Employee layoffs
On November 10, 2023, it became known that the online service for the automation of business processes Osome, founded by Viktor Lysenko and Konstantin Lange in Singapore, is forced to reduce the number of personnel. The reason is the current macroeconomic situation.
According to Forbes, citing information received from an informed source in one of the venture capital funds, fintech startup Osome laid off about 15% of its 500 employees, or about 75 people. Lysenko, previously the co-founder of Rocketbank, confirmed the information about the reorganization. According to him, the decision is explained by several reasons. This is an economic crisis, as well as changes in the venture capital market.
 | Two years ago, growth was primarily important. Now all investors are targeting startups to achieve profitability as quickly as possible, "Lysenko said. |  |
Since its founding in 2018, Osome has raised almost $50 million in several rounds of funding. A Forbes source close to the company says Osome expected to implement another round of funding, but it was disrupted. This is what may be partly due to the reduction in the number of personnel. However, Lysenko denies the disruption of the new investment program, without specifying whether the startup is looking for new funds for development. According to a source close to one of Osome's investors, the company continues to communicate with funds to raise funding.
Another knowledgeable source, according to Forbes, notes that after an investment round in December 2022, it was "illogical and unnecessary" for Osome to cut costs. The new shareholders wanted to see active product development and entry into new markets, particularly the UK, and the company continued to invest in growth. But then Osome had to go for downsizing to save money.[1]
2022: Raising $25 million in investments
In December 2022, it became known about investing $25 million in Osome. In Singapore, the fintechstartup co-founder of Rocketbank"" Viktor Lysenko as part of the Series B funding round, funds from Illuminate Financial, AFG Partners and invested. Winter Capital The startup will use some of the funds received to expand the business in, Asia as well as to increase the number of teams in. The company London expects to make a profit in the coming year.
According to TechCrunch, by December 2022, the Osome platform, working with small and medium-sized businesses, providing online accounting, registration and document management services, serves 11 thousand customers in Singapore, Hong Kong and the UK. According to Osome's own data, the company has doubled revenue since June 2021.
| | Osome addresses the central problem of back office management for entrepreneurs and small and medium-sized businesses around the world, says AFG Partners director Ivan Ong. - In a short time, the company has become one of the market leaders and has great growth potential. | |
AFG Partners is a venture capital fund specializing in investing in fintech projects primarily in Asia.
According to Crunchbase, the total amount of funds raised by Osome, taking into account the funding round held in December 2022, reached $49.5 million. The platform is integrated with Amazon, eBay, Shopify, Lazada, Etsy, Shopee, Square and Wix services.
Earlier in 2022, Singapore-based bank OCBC announced a digital partnership with Osome to "provide businesses with a single store to meet their financial needs."[2]
2021: Raising $16 million in investments
In June 2021, the funds, and Target Global Phystech Ventures AltaIR Capital again invested in the Singapore company Osome co-founder "." The $16 Rocketbank Viktor Lysenko million round was also attended by the fund S16VC co-founder, courier Payment Systems Anatolia Maryina service partner Dostavista Alexander Shamis, Food Party founder Mikhail Peregudov and former executive director Goldman Sachs in Russia Oleg Bibergan.
Conditions for investing in Osome are not named. In particular, the estimated cost of the startup is unknown.
The startup intends to direct the funds received to integration with Internet sites and the development of international business, mainly in the American and Australian markets. According to Viktor Lysenko, the decision to expand in these regions is due to the simplicity of the rules for doing business in these countries, as well as the fact that they speak English.
| | The company began exploring the e-commerce segment some time ago. But before launching the marketing campaign, we wanted to be sure that our product could cope with the increased complexity and volume of transactions in online trading firms. The pandemic [coronavirus COVID-19 - approx. TAdviser] has led to the fact that the e-commerce industry has begun to grow much faster, and this has also become a factor for us, Lysenko told TechCrunch. | |
According to Osome's own data, by June 2021, the company has 6,000 customers in the UK, Singapore and Hong Kong. ARR (annualized revenue runrate; annual renewable revenue) is $9.5 million. The company does not disclose revenue and profit/loss. The startup has five offices in Singapore, the UK and Russia, with more than 200 employees.[3]
2020: Raising $3 million in investments from AltaIR Capital and XA Network
On November 5, 2020, it became known about the attraction by the startup Osome of investments in the amount of $3 million. XA Network and AltaIR Capital have invested in the fintech project of Rocketbank co-founder Viktor Lysenko. The assessment of the value of Osome and the share of investors at the end of the round were not disclosed.
Osome intends to spend the funds raised on improving products, increasing staff and marketing promotion in,, and Singapore Hong Kong. In Great Britain these countries, by the beginning of November 2020, the company, according to its own data, has more than 4100 customers. The startup mainly works small and medium-sized businesses with and expects to cross the 5,000 customer mark by the end of November.
| | We decided to invest in the company because we trust Osome's business model and see the team's ability to scale it. The service is vital for many new enterprises and has huge potential, - said Igor Ryabenkyi, managing partner of AltaIR Capital. | |
Osome says small and medium-sized businesses spend an average of 120 days a year on an administrative routine. Osome provides accounting services online, and also solves administrative tasks for the entrepreneur: from business registration and accounting to tax and secretarial work, the report said.
Osome adds that the ongoing health crisis associated with the COVID-19 coronavirus pandemic by early November 2020 has accelerated digital transformation among small and medium-sized businesses. Osome was at the center of such projects, including the Singapore Start Digital program, aimed at providing IT support to entrepreneurs.
According to Viktor Lysenko, he is glad that investors have decided to support the future that Osome is striving for.[4]
2019: Raising $3 million in investments
At the end of November 2019, Osome announced it had raised $3 million in investments. The company intends to spend the funds received on business development in the British and Hong Kong markets.
The main investor in the funding round, which took place in November 2019, was the Target Global fund. In addition, Phystech Ventures and AdFirst took part in the deal. A few months earlier, Target Global, Phystech Ventures and Ad.ru. invested $2 million in a Singapore startup with Russian roots
According to Osome's own data, the startup provides its services to "thousands" of entrepreneurs in Singapore. The company collaborated with OCBC Bank as part of a joint project to create a service for registering and opening corporate accounts in one day. The service is available to Singaporean businesses.
Osome is also registered with the SG: D Spark Program, which simplifies access to grants and allows companies to attract reference customers. This program was launched by the regulator Infocomm Media Development Authority of Singapore (IMDA). Its spokesman, Edwin Low, says Osome's solutions "significantly improve" the efficiency of managing labor-intensive corporate and accounting processes[5]
Notes
- ↑ Fintech startup with Russian roots Osome laid off about 75 employees
- ↑ Singapore-based financial admin platform Osome raises $25M Series B
- ↑ Corporate services `super app` Osome lands $16M Series A
- ↑ Osome, an Accounting and Regtech App, Raises $3 Million
- ↑ [1]Singapore fintech Osome raises US$3m to expand to UK, Hong Kong
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