Outmin, the automated accounting solutions platform, has raised €1.5m in funding led by Middlegame Ventures with participation by Fuel Ventures, KellySan Enterprises Ltd and several strategic angel investors to enhance and develop their technology that tackles the distraction of financial admin.
The traditional accounting market is broken, as current processes and tools do not work for small, high-growth companies. SME business owners are required to spend a considerable amount of time and money on professional services and/or solutions that ultimately do not resolve the underlying friction points, therefore diverting finite resources away from other value-add activities. Moreover, SME business data is often unstructured and messy, making it difficult for business owners to extrapolate actionable insights to understand the health of their business.
Outmin provides SaaS-based accounting, bookkeeping and CFO services to SMEs with an initial focus on the technology and hospitality industries across the UK and Ireland. Outmin has over 150 clients currently using its platform, offering a unique approach combining professional services with automation, providing easy-to-use technology powered by human expertise and experience. The platform provides businesses with an accountant, bookkeeper and accounting software as a consolidated service, eliminating the need for multiple employees and software packages.
By leveraging AI and cloud technology, the integrated service takes care of everything from payroll and expenses management, to tax returns and compliance filings meaning businesses can focus on what’s best for the business. In doing so, Outmin provides a best-in-class experience that helps businesses tackle the administrative burden, improve the quality of their financial data and dramatically reduce costs, with some clients already saving up to €100k a year by using the service.
Speaking about the raise, co-founder and CRO of Outmin, David Kelleher said: ‘Many industries are facing financial uncertainty. SMEs are among the first to feel the strain and cutting costs, streamlining in-house administration and gaining valuable business insights can be paramount during these periods. This fundraise will enable us to help more and more small businesses get quicker and better data about their business to inform their decision making in these uncertain times.’
Outmin replaces the need for costly finance hires and multiple software systems, subscriptions and packages used by SMEs, by providing better quality data faster, with less effort by the client, all with a single login. Once onboarded, Outmin receives all the business’s data, eliminating the lengthy integration processes and giving business owners and operators the opportunity to focus on tasks that improve their product or customer experience.
Ross Hunt, CEO and co-founder, added: ‘As a company, Outmin has more than doubled in size over the last year and with this funding we plan to do so again within 12 months as we grow internationally. We are excited to continue to build our technology with the investment, enabling more businesses to get faster, better AND cheaper results from their finance function thanks to our hands free accounting solution.’
This recent injection of investment will enable Outmin to accelerate development of its cutting-edge technology and meet global demand to provide SMEs with a peerless service that improves business information, saving time on their financial admin. It also marks a significant milestone in Outmin’s rapid geographical expansion with the opening of a UK office and plans to double headcount by the end of next year.
MGV Venture Partner, Ellen McCance shares her thoughts on the investment: “Outmin is changing the game for SMEs by making the accounting and bookkeeping process straightforward and simple, using cutting edge AI technology. We are excited to partner with Ross, David and the Outmin team who have adopted a truly customer-centric approach to solving a pain point that is endemic across the SME segment. The platform allows SME leadership to focus on running the business, while Outmin takes the headaches out of the finances.”
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