Being your own boss yields many benefits but at times the sheer number of tasks you need to do, especially managing payments, can be tedious.
With more than four million self-employed professionals in the UK – almost half of which (47%) operate entirely alone and cite chasing payments as one of their biggest daily frustrations (49%).
Osu is a subscription-based payment app that aims to help self-employed manage and grow their business through seamless instant payments, modern professional invoicing, and automated payment reminders.
Raises £2.25 million
Recently, the company has secured £2.25 million in a seed round led by Creandum, plus Ada Ventures and Breega.
Some of the prolific angel investors including Charles Delingpole, Will Neale, and Michael Pennington, also participated in the round.
The investment will be used to fund further growth and support the development of new product features and services, activate a series of digital and offline marketing campaigns, and bolster the Osu team with new hires.
Noam Nevo, co-founder, and CEO of Osu said: “The app is designed to be the payment PA that the self-employed simply can’t afford to hire – automating tasks such as sending invoices, accepting payments, chasing customers, and staying on top of it all. What’s more, we charge no transaction fees meaning Osu users get 100% of every sale they make, and everything is done instantly meaning they aren’t left waiting several days to receive their money.”
Zero transaction fees
Launched in 2020 by co-founders Noam Nevo, Daniel Scott, and Alon Zion, Osu allows users to accept instant payments from their customers with zero transaction fees.
The platform also removes the traditional pain points including, high fees, settlement delays, hidden costs, error-prone bank transfers, and late customer payments.
The app has so far helped over 1,000 self-employed professionals grow in 2020, claims the company.
More management features soon
With Osu, users can sign up in two minutes and then easily create and send secure payment requests to their customers.
Customers can then pay in 3-clicks, and the money is transferred instantly and directly to the Osu user’s bank account with zero fees.
The company will be introducing a host of new business management features over the coming months, including direct communication with customers, calendar integrations, booking and scheduling, and the creation of mini-sites to help users generate an online presence.
Users can try out the Osu app for free initially for the first 30 days with no commitment and card details. After 30 days, users have a choice of 3 monthly plans of – £4.99 (Lite), £9.99 (Standard), or £19.99 (Pro).
Johann Brenner, Creandum, said: “With Osu, we have found the Swiss Army knife for sole traders and couldn’t be more excited to support the team on their journey to become the No. 1 payment app for the self-employed.”
Check Warner, Partner Ada Ventures, said: “At Ada, we invest in groundbreaking companies tackling overlooked groups. Osu’s technology is built specifically for them, helping them take payments, interact with customers and manage their businesses through their phones. We’re pleased to be backing Osu to deepen their product and help more business owners across the UK and beyond.”
Charles Delingpole, founder, and CEO of ComplyAdvantage said: “The Osu platform promises to revolutionise how the back-bone of the economy transact, account for, and manage their critical expenses and cash-flow. Osu has built a fantastic product and team and this fundraise will accelerate this growth and ensure their continued success”
Will Neale, the founder of Grabyo, said: “I was impressed with Osu from the outset. Its technology is providing a unique solution to a lot of time-consuming and frustrating issues surrounding payment transactions that thousands of self-employed individuals have to navigate every day. The brand also has a clear roadmap for developing other business management solutions that will, no doubt, also prove invaluable to solo business leaders.”