Singapore-based Wealthcare® and savings app Hugosave announced on Wednesday the successful completion of its $4 million pre-Series A funding round, bringing the total amount of funds raised to $10.5 million.
The majority of funding was provided by current shareholders, including 1982 Ventures and Woodside Holdings Investment Management, and several existing corporate venture investors. The funds will be used to accelerate Hugosave’s presence in the region, increase the breadth of offerings and improve the user journey.
“Hugosave is growing rapidly and demonstrating that fintech start-ups can fill the huge gap in the digital wealth management space with their unique solutions. Its easy-to-use platform and strong product offering to users as they spend, save and invest, makes Hugosave particularly exciting to the next generation of investors”, said Herston Powers, Co-Founder and Managing Partner of 1982 Ventures.
“In the past 2.5 years, we’ve created a product, built a team, received licences, gained customer traction, built a state-of-the-art data capture and analysis process, and built partnerships. This fundraising is another major milestone,” said Chief Executive Officer and Co-Founder David Fergusson.
Founded in December 2019, Hugosave aims to make financial fitness attainable to everyone through its patented Wealthcare® concept. Since the launch of its app in July 2021, Hugosave has helped increase the financial fitness of over 40,000 users, as they develop healthy habits by spending smarter, saving more, and investing diligently.
“Hugosave is a Wealthcare® and savings app built for the open banking era. Our modular architecture is a truly open platform, allowing us to build partnerships with anyone looking for an embedded finance solution. Combined with our behavioural engine, this gives us the ability to create exciting and highly personalised financial journeys for our users,” added Chief Product Officer, Braham Djidjelli.
To make the savings journey seamless and automated, Hugosave allows users to save while they spend through Roundups and enjoy partner orders while avoiding unnecessary fees. These savings can then be preserved and grown through safer investment options such as gold.
“When it comes to investing, many don’t know where to start. We want to help people develop sustainable healthy financial habits by creating a super easy and enjoyable investing journey, with a focus on education and user-centric activities,” said Chief Operating Officer Ben Davies.