Outmin raises €4M to accelerate AI finance platform for SMEs and welcomes former PwC Ireland chief as Chairman

Outmin Secures €4M to Enhance AI Finance Platform and Welcomes New Chairman

Dublin-based startup Outmin has raised €4 million in its latest funding round to further develop its AI-driven finance platform aimed at small and medium-sized businesses. The round was led by Praetura Ventures through its Praetura EIS Growth Fund and NPIF II – Praetura Equity Finance, part of the Northern Powerhouse Investment Fund II. Praetura Ventures, based in Manchester, focuses on early-stage investments supporting entrepreneurs in Northern England.

This capital boost will enable Outmin to expand its team, enhance its product features, and accelerate growth across the UK and Ireland markets.

Feargal O’Rourke Joins as New Chairman

Outmin has appointed Feargal O’Rourke, former Managing Partner of PwC Ireland, as its new Chairman. O’Rourke highlighted three key reasons for joining:

• The founding team: Ross Hunt, Jane, and David bring strong strategic, operational, and product expertise.
• The company culture: A motivated and unified team pursuing shared goals rather than top-down directives.
• The product: An AI and machine learning platform with the potential to transform bookkeeping on a global scale.

“Outmin’s AI journey is set to change how bookkeeping is done,” O’Rourke said, emphasizing the company’s potential leadership position.

AI-Powered Accounting and Bookkeeping for SMEs

Founded in 2020 by Ross Hunt and David Kelleher, Outmin offers an AI-driven SaaS platform that automates bookkeeping, accounting, payroll, expense management, tax returns, and compliance filings. The platform eliminates manual reconciliation by automatically resolving missing documents as part of the workflow.

According to Ross Hunt, CEO of Outmin, the platform helps finance teams and accounting firms cut accounting costs by up to 66% and reclaim over 120 hours of administrative work every month.

Supported by investors such as Middlegame and Fuel Ventures, Outmin’s team combines expertise from fintech, startups, and accounting sectors. The company currently serves over 350 businesses and partners with 12 accounting practices.

For finance and product development professionals interested in AI applications in finance, exploring dedicated AI tools for finance and latest AI courses can provide practical insights into automation and efficiency improvements.