Outmin Secures €4 Million to Transform SME Financial Management
In a significant move to revolutionize financial operations for small and medium-sized enterprises (SMEs), Outmin, a Manchester-based startup, has successfully raised €4 million in its latest funding round. This capital influx will play a crucial role in enhancing Outmin’s AI-powered financial platform, designed to streamline accounting and payroll processes for SMEs.
Funding Backed by Notable Investors
The recent financing round was spearheaded by Praetura Ventures, leveraging resources from its Praetura Eis Growth Fund and NPIF II – Praetura Equity Finance, both part of the Northern Powerhouse Investment Fund II. Praetura Ventures has a strong reputation for investing in early-stage startups, particularly those led by dynamic entrepreneurs in northern England, showcasing its commitment to fostering regional growth.
Innovative AI-Powered Financial Solutions
Founded in 2020 by Ross Hunt and David Kelleher, Outmin aims to simplify financial management through its advanced software platform. The company’s innovative solution automates various accounting tasks, including payroll, expense tracking, and tax compliance, fundamentally altering how SMEs approach their financial responsibilities.
Strategic Expansion Goals with New Funding
The new funding will facilitate the expansion of Outmin’s team and enhance product offerings, with a particular focus on accelerating international growth in the UK and Ireland. This strategic plan underscores Outmin’s ambition to become a leader in the financial technology sector, providing accessible and efficient solutions for SMEs.
Feargal O’Rourke Appointed as New President
In a notable leadership move, Outmin has appointed Feargal O’Rourke, the former managing partner of PwC Ireland, as its new president. O’Rourke expressed his enthusiasm for joining the company, highlighting the strong capabilities of the founding team and the shared vision for transforming accounting practices worldwide. His leadership is expected to guide Outmin into its next phase of growth and innovation.
Streamlining Accounting Tasks with AI
Outmin’s SaaS platform promises to eliminate the tedious aspects of financial management. “You never need to reconcile anything again. If you miss a document, we will resolve it for you,” stated Ross Hunt, CEO of Outmin. By automating routine financial tasks, the platform helps finance teams and accounting firms cut costs by up to 66% and save over 120 hours of administrative time monthly.
Current Client Base and Partnerships
Currently, Outmin serves over 350 companies and has formed partnerships with 12 accounting practices, demonstrating its growing footprint in the fintech landscape. With strong backing from prominent investors like Middlegame and Fuel Ventures, the Outmin team comprises top talents dedicated to simplifying financial tasks for businesses.
Conclusion: A New Era for SME Financial Management
With its innovative approach and robust funding, Outmin is poised to make significant strides in the financial technology arena, providing SMEs with powerful tools to enhance their financial management capabilities. As the company continues to expand and refine its offerings, it stands to play a pivotal role in shaping the future of accounting and finance for small and medium-sized enterprises.