Singapore’s Atlas Consolidated secures $18.1 M Series B funding from Tin Men Capital

To speed up HugoHub’s global adoption, Singapore-based fintech company Atlas Consolidated has raised $18.1 million in Series B funding led by Tin Men Capital.

Getz, Inc. and Woodside Holdings Investment Management, two strategic investors, have contributed to the round, according to a statement released by Atlas Consolidated on Tuesday.

“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.

Millions of people worldwide are still without access to adequate, advanced financial services, such as bank accounts, pensions, and credit facilities.

This reveals a huge unexplored market for financial services.

Increasing access to this demographic is both a crucial step toward inclusive economic development in Asia Pacific and a compelling business opportunity.

It should be mentioned that the banking sector is going through a significant transition.

Despite spending $650 billion on digital banking technology in 2023, the great majority of banks still use antiquated, legacy systems that are not up to par with the demands of contemporary digital finance.

In a world that demands agility and a customer experience that prioritizes digitalization, these legacy architectures are becoming more and more unsustainable.

HugoHub was created to fill this void. Compared to traditional banking models, the full core-to-customer Banking-as-a-Service (BaaS) platform allows for much higher customer-to-staff ratios, reduces overall operating expenses by 75 to 80 percent, and can cut technology spending by up to 90 percent.

By bringing modern banking to underserved markets at a lower cost, its modular, step-by-step deployment approach preserves financial inclusion while avoiding disruptive “rip and replace” overhauls.

Through the decoupling of digital banking infrastructure from high overhead and complexity, HugoHub enables institutions to quickly and affordably expand services throughout 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.