Payment app Osu raises £2.25m seed round from fintech angels
Osu helps the self-employed to manage and grow their business via seamless instant payments and has over 1,000 self-employed professionals using its app since launching in 2020.
Osu, a new instant payments app aimed at helping the UK’s four million self-employed has raised £2.25m seed round.
The funding comes from a round led by Creandum with cash also from Ada Ventures, Breega and prolific angel investors including Charles Delingpole, CEO of ComplyAdvantage, Will Neale of Grabyo and Michael Pennington of Gumtree.
Launched in 2020 by co-founders Noam Nevo, Daniel Scott and Alon Zion, Osu says it has 1,000 people using its app with plans to grow ten-fold in 2021.
Users send a payment request by entering their customer's name, phone number, and the amount owed. The customer receives an SMS and pays by clicking a link, selecting their bank, and then approving the payment instantly within their own banking app.
Osu does not charge no transaction fees but rather monetises through subscriptions. Users receive a 30-day free trial after which it offers three monthly plans of £4.99 (Lite), £9.99 (Standard), or £19.99 (Pro).
Noam Nevo, co-founder and CEO of Osu, says the app is designed to be a “payment PA” for the self-employed by automating tasks such as sending invoices, accepting payments, chasing customers.
“We know from speaking to our users that one of the biggest challenges they face is the ability to manage their payment-related admin tasks effectively and efficiently, whilst also growing their services and attracting more customers. At a time when the self-employed are already taking a hit due to the pandemic, reducing the cost of getting paid and making the process much faster is becoming increasingly important. Osu currently offers payments and invoicing but will be introducing a host of new business management features over the coming months to further simplify operations for the self-employed – including direct communication with customers, calendar integrations, booking and scheduling, and the creation of mini-sites to help users generate an online presence.