Self-employed payment app Osu secures £2.25m seed funding round
Osu, the payment app for the UK’s self-employed, has today announced the close of a £2.25m seed round, led by early-stage experts Creandum, to fund further growth to reach 10,000 customers this year.
Launched in 2020 by co-founders Noam Nevo, Daniel Scott and Alon Zion, Osu is transforming the way the self-employed accept and manage their payments through its seamless and intuitive app.
Allowing users to accept instant payments from their customers with zero transaction fees, Osu removes the traditional pain points many self-employed individuals experience when getting paid, such as high fees, settlement delays, hidden costs, error-prone bank transfers and late customer payments.
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 spotted a gap in the market for a payment support app that could simplify the day-to-day hassle of getting paid by customers and eliminate transaction fees.
Unlike traditional payment solutions, users can sign up to Osu and get started within two minutes. 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.
Since launching, Osu has worked with more than 1,000 self-employed professionals, helping them accept hundreds of thousands of pounds worth of payments.
Noam Nevo, co-founder and CEO of Osu, said: “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.
“This is where Osu comes in. 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.”