Singapore Fintech SaaS Raises $3 Million for Expansion
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The AI-backed platform hopes to expand to the U.K. and Hong Kong and has already started testing in those markets.
Osome, a Singapore-based business services firm that aims to digitize traditional corporate management processes, has secured $3 million in funding led by Target Global, with participation from Phystech Venture and AdFirst, the company announced on its blog on Tuesday.
The raise follows $2 million secured in December 2018 for product development and market testing in Australia and Hong Kong. It was also led by Target Global, a venture capital firm based in Berlin, Germany, with 700 million euros in assets under management.
Osome is led by Singapore-based serial entrepreneur Victor Lysenko, who has two exits as CEO and founder: Russian neobank Rocketbank and Groupon Russia.
The firm uses a cloud-based platform to help business owners and entrepreneurs with legal compliance and tasks such as payroll, accounting, taxation, company formation, and filing reports.
Launched in 2018, the firm has already amassed 2,300 customers in Singapore. It now has its eyes on other global financial centers.
«The company’s exponential growth in Singapore both in terms of revenue and customer base validates the business model and represents a solid ground for further growth both inside and outside of the region,» said Phystech Ventures partner Olga Maslikhova.
Questions & Answers
Q.What services does Osome provide for business owners and entrepreneurs?
What services does Osome provide for business owners and entrepreneurs?
Osome uses a cloud-based platform to assist with legal compliance and tasks such as payroll, accounting, taxation, company formation, and filing reports. This aims to digitise traditional corporate management processes for its users.
Q.Which specific markets is Osome planning to expand into following this latest funding round?
Which specific markets is Osome planning to expand into following this latest funding round?
The AI-backed platform hopes to expand to the U.K. And Hong Kong, with testing already underway in these regions. The company's focus is on other global financial centres.
Q.How much funding has Osome raised in total across all reported rounds?
How much funding has Osome raised in total across all reported rounds?
Osome has secured a total of $5 million in funding. This includes $3 million in the latest round and $2 million previously secured in December 2018 for product development and market testing.
Q.Who are the key investors that led Osome's recent funding rounds?
Who are the key investors that led Osome's recent funding rounds?
Target Global led the latest $3 million funding round, with participation from Phystech Venture and AdFirst. Target Global also led the previous $2 million raise in December 2018.
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