Outmin’s SaaS technology eliminates the need for multiple software systems and in-house accounting employees.
Dublin-based automated accounting platform Outmin has raised €1.5m in a funding round led by Middlegame Ventures with participation from Fuel Ventures, KellySan Enterprises and several strategic angel investors.
Outmin’s technology – which helps firms tackle financial admin – aims to tackle a major problem it sees in accounting.
“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”
It maintains that 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.
Not only that but 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.
SaaS-based accounting
Leveraging AI and cloud technology 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 more than 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.
“Many industries are facing financial uncertainty,” said Outmin co-founder and chief revenue officer David Kelleher.
“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.
“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,” said Ross Hunt, CEO and co-founder.
“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.”
The business will use the funding 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.
“Outmin is changing the game for SMEs by making the accounting and bookkeeping process straightforward and simple, using cutting edge AI technology,” said Middlegame Ventures partner Ellen McCance.
“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.”
Main image at top: Outmin founders Ross Hunt and David Kelleher
