Atlas Consolidated raises USD $18.1M to boost HugoHub growth
Atlas Consolidated, a Singapore-based fintech company, has raised USD $18.1 million in a Series B funding round led by Tin Men Capital, with participation from Getz and Woodside Holdings Investment Management.
The company plans to use the new capital to support the acceleration of HugoHub, its banking-as-a-service (BaaS) platform designed to significantly lower technology and operational costs for financial institutions. HugoHub enables banks to modernise infrastructure while improving access to financial services across both emerging and developed markets.
Funding details
The Series B round is intended to help fast-track the adoption of HugoHub. Atlas Consolidated representatives stated that the platform can reduce banking technology set-up costs by up to 90% and operating expenses by as much as 75%. HugoHub's modular cloud-native platform allows banks to deploy new products and services without the need to overhaul existing systems, supporting cost-efficiency and agility for banks looking to strengthen their digital capabilities.
"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."
That was the statement from David Fergusson, Chief Executive Officer of Atlas Consolidated, reflecting the company's direction following the funding announcement.
According to Atlas Consolidated, HugoHub is already being utilised by entities in Singapore, the UK, and by HugoBank in Pakistan, which recently received a digital banking licence. These deployments demonstrate the platform's reach and its intended role in extending financial services access.
Industry context
The company notes that, according to external research, digital banking technology spend reached USD $650 billion in 2023, but many banks still depend on legacy core systems that inhibit their ability to meet present-day demands. Legacy architectures are viewed as expensive and inflexible, leading some institutions to seek alternatives that allow more rapid innovation.
Jeremy Tan, Co-Founder and Managing Partner at Tin Men Capital, commented on the decision to support Atlas Consolidated through this funding round. He said:
"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. 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 digitalisation journey. Built in Southeast Asia and designed to be deployed globally, Atlas' solution exemplifies the kind of ambitious innovation we are excited to back in our region."
The growing demand for digital financial services, and the need to expand banking to underserved regions, has opened up significant commercial and social opportunities. HugoHub aims to address both the commercial challenge of cost reduction and the need for broader financial inclusion.
Impact on financial inclusion
Atlas Consolidated stressed that millions of people worldwide remain unbanked, lacking access to fundamental financial services, including bank accounts, credit, and pension products. In this context, HugoHub has been positioned as a tool to make expansion into these markets commercially viable for financial institutions, while boosting inclusion and operational efficiency.
The company claims HugoHub's technology achieves its cost savings by supporting higher customer-to-staff ratios and by enabling a modular, stepwise adoption method rather than a disruptive complete system replacement. For existing institutions, the platform presents an alternative to costly and risky technology transitions by allowing gradual integration of new digital capabilities.
Surya Tamada, Chief Technology Officer of Atlas Consolidated and Chief Architect of HugoHub, offered insights into the technology and market rationale for the platform's continued expansion. Tamada said:
"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."
Braham Djidjelli, Chief Product Officer of Atlas Consolidated, also commented on adoption rates, stating:
"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."
Deployment and growth
Atlas Consolidated's HugoHub platform has been deployed both in developed and emerging markets, with specific mention of its implementation in Singapore with HugoSave and in Pakistan with HugoBank. These real-world deployments demonstrate the platform's flexibility and application in differing regulatory and infrastructural environments, aligning with Atlas Consolidated's stated goal of helping traditional institutions modernise with lower cost and greater responsiveness.
The company stated that the new funding will enable further global expansion of HugoHub, targeting financial institutions seeking to transition away from legacy banking systems to more scalable and cost-effective digital offerings.
