Singapore-based fintech firm Atlas Consolidated has secured $18.1 million in Series B funding led by Tin Men Capital to accelerate global adoption of HugoHub.
Atlas Consolidated said in a statement on Tuesday that the round includes follow-on investment from strategic investors, Getz, Inc. and Woodside Holdings Investment Management.
“This investment marks a pivotal step in our mission to build better banks through technology,
“With Tin Men Capital’s support, we can accelerate HugoHub’s expansion to new markets, helping traditional financial institutions create more efficient, inclusive and sustainable systems,” said David Fergusson, Chief Executive Officer, Atlas Consolidated.
It is noted that across the world, millions remain unbanked, lacking access to appropriate, sophisticated financial services like bank accounts, pensions and credit facilities.
This highlights a massive untapped financial services market.
Expanding access to this group represents a compelling commercial opportunity and a vital step toward inclusive economic development in Asia Pacific.
It is also noted that the banking industry is undergoing a profound transformation.
Digital banking technology spend was $650 billion in 2023, yet a vast majority of existing banks are still reliant on outdated, legacy systems that are ill-equipped for the demands of modern digital finance.
These legacy architectures are increasingly untenable in a world demanding agility and digital-first customer experience.
HugoHub was designed to address this gap. As a complete core-to-customer Banking-as-a-Service (BaaS) platform, it cuts technology spending by up to 90 percent, reduces overall operating expenses by 75 percent to 80 percent and enables significantly higher customer-to-staff ratios than traditional banking models.
Its modular step-by-step deployment approach avoids disruptive “rip and replace” overhauls while making financial inclusion sustainable by lowering the cost of delivering modern banking to underserved markets.
By decoupling digital banking infrastructure from high overhead and complexity, HugoHub empowers institutions to extend services swiftly and cost effectively across Southeast Asia and beyond.
“The future of banking is in agile, cloud-based solutions. Our platform drives innovation and efficiency, opening up access to financial services and improving outcomes for consumers globally,
“This new investment will sharply increase our ability to meet the growing demand and deliver our solutions to more markets around the world,” said Surya Tamada, Chief Technology Officer, Atlas Consolidated and Chief Architect, HugoHub.
Braham Djidjelli, Chief Product Officer of Atlas Consolidated, added that demand for HugoHub’s modular core-to-customer solution has exceeded expectations.
“Tin Men’s support allows us to scale faster, empowering more institutions to deploy digital banks or enhance existing infrastructure at a fraction of the time and cost,” he added.
Born in Singapore, HugoHub is successfully being deployed in both emerging and developed markets.
The company claimed the platform has empowered financial institutions to move beyond their legacy infrastructure, offering a more responsive, secure, and user-friendly experience for their customers
“Banks are under immense pressure to transform digitally while still relying on decades-old core systems that are costly, rigid, and fragmented,
“HugoHub’s full-stack ‘bank-in-a-box’ solution gives banks the flexibility to launch new products, integrate services where they matter most, and refine features without disrupting the wider system,” said Jeremy Tan, Co-Founder and Managing Partner of Tin Men Capital.
“In turn, they can innovate faster, compete with neo and challenger banks, and operate with radically better economics,
“Tin Men Capital is proud to support Atlas Consolidated as they scale this next-generation approach, helping more forward-leaning banks in their digitalization journey,” he noted.
Built in Southeast Asia and designed to be deployed globally, he opined that Atlas’ solution exemplifies the kind of ambitious innovation the firm is excited to back in the region.