November 10, 2019 — A Singapore-based FinTech startup Osome has raised $3 m in a round led by Target Global. Target Global is an international venture capital firm headquartered in Berlin. The fund manages assets worth of nearly $800 million and invests in promising startups in the field of digital technology. Phystech Venture and AdFirst have also participated in the round. A year earlier, these companies already invested $2 million in Osome .
Osome provides digital-admin solutions for small and medium-sized enterprises. Osome helps clients manage their accounting and other reporting via its cloud-based platform. The encrypted chat that Osome built to interact with customers and exchange documents ensures the secrecy, security and reliability of the transmitted data.
The online document management and a system of notifications and reminders all driven by artificial intelligence manage to save time for entrepreneurs. Osome applications run both on desktop and mobile devices, letting the customers manage their papers at their convenience.
Osome has recently become a network partner of the 500 Startups’ Global Launch Singapore programme. The initiative brings startups from around the world to Singapore to help them enter Southeast Asia’s markets. Thanks to Osome, the incorporation and administrative processes will become more straightforward for such startups. Thomas Jeng, Director of Innovation and Partnerships of 500 Startups, is confident that Osome will continue providing talented entrepreneurs with a convenient and useful tool for developing their businesses.
Osome CEO and founder Victor Lysenko notes it was the support of more than 2,000 Singapore customers that determined the expansion and convinced the team to begin operations in the UK and Hong Kong. Victor Lysenko believes that Osome solves a crucial problem, providing entrepreneurs with a unique service. The CEO also thanks clients and partners for their trust. Victor Lysenko emphasises that the company will continue to follow the chosen course, introducing advanced technologies, ensuring the convenience and safety of users at the highest level.
Commenting on the funding round, Olga Shikhantsova, Associate at Target Global, expressed her belief that Osome dealt with issues that were the most pressing for entrepreneurs and business owners — paperwork, bookkeeping and taxation. Target Global has been supporting the startup since the early stages of development and has seen the outstanding growth Osome achieved in Singapore. Now it expects Osome’s entering the new markers to be successful as the paperwork problem is an issue known to entrepreneurs all around the world.