Real-time accounting solution Outmin raises €650,000

Outmin, the on-demand accounting solution for SMBs, has raised €650,000 through HPSU investment from Enterprise Ireland and angel investors to tackle the distraction of admin, with an initial focus on accounts and bookkeeping.

This investment will give Outmin the runway to double headcount to 20 employees while continuing to help businesses to tackle the accounting and administrative burden for SMBs with a platform built with time-poor business owners and operators in mind, rather than accountants. Currently, Outmin has a remote team of 10 across Ireland and is advertising further digital economy roles for engineers, accountants, and processing agents to rapidly build out the platform to meet growing demand.

Speaking about the raise, co-founder of Outmin, David Kelleher said: “Small business owners and operators have traditionally looked at finance and admin as a painful compliance exercise. Outmin removes the fear and pain points associated with these tasks, which in turn enables promising SMEs to run their business with superior data and less effort at a much lower cost, allowing them to focus their time on more important activities.

“We are a proud Irish startup that has advanced through the ecosystem and thanks to Enterprise Ireland, this additional capital will enable us to further build out our platform, acquire more customers both in Ireland and Internationally, and double our headcount to over 20 staff by the end of Q1 2022,” said Kelleher

As accountants and seasoned technologists, the founders of Outmin have identified the finance and administrative hurdles for SMBs getting started. With an on-demand platform powered by experienced accountants, Outmin enables early-stage and rapidly scaling companies to launch on a ‘good footing’ with a solution and suite of services that might have previously been accessible for enterprise-level companies with 100 + employees. Outmin is built with the flexibility to grow as a client expands and scales.

Outmin has seen over 60 clients sign up to its platform since November 2020, experiencing over 20% growth each month. The service is also working with organisations such as Scale Ireland, Swoop Funding and various CFO networks to offer early-stage companies the means to easily optimise accounts and bookkeeping, returning to them the time and opportunity to focus on building their business.

Outmin co-founder, Ross Hunt, said: “90% of the world’s businesses are SMEs, but for a variety of reasons, SME professional services today do not reflect the modern world. We believe that tightly integrating accountants and book-keepers within a cutting edge data science and machine learning platform is the first step to enable a revolution in SME professional services and our explosive growth to date has already validated our innovative approach.”

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