Outmin, a real-time accounting solution for SMEs, has raised €650,000 from backers and said it has secured more than 60 clients since its founding last year.

Founded by David Kelleher and Ross Hunt, the company provides outsourced accounting and bookkeeping services, using artificial intelligence to provide clients with real-time financial data.

Mr Kelleher, Outmin’s chief executive and a former head of revenue for job search platform Jobbio, said the company secured the new financing through a combination of Enterprise Ireland and angel investors. It intends to use the funding to double headcount to 20 people with new roles for engineers, accountants and processing agents.

‘Removes pain points’

“Small business owners and operators have traditionally looked at finance and admin as a painful compliance exercise. Outmin removes the . . . 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,” he said.

Outmin’s client base includes reconciliation software provider FundRecs, remote working platform Bowsy and medtech firm HidraMed. The company has also teamed up with organisations such as Scale Ireland and Swoop Funding to offer its services to start-ups.

Mr Hunt previously established agtech company Cainthus with his brother David and is the company’s chairman. He also formerly served as finance and operations director for Irish grain importer and exporter Comex McKinnon, during which time company revenues grew from €100 million to more than €200 million.

Reporting: The Irish Times