Singapore fintech company Atlas Consolidated has raised $18.1 million in Series B funding, led by Tin Men Capital, to boost the worldwide use of its platform 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.
Around the world, millions of people still don’t have access to proper financial services like bank accounts, pensions, or credit. This shows there is a vast untapped market in financial services. Giving this group better access is not only a big business opportunity but also an important step toward inclusive economic growth in Asia Pacific.
At the same time, the banking industry is changing fast. In 2023, banks spent $650 billion on digital technology, but most still rely on old systems that can’t keep up with today’s digital demands. These outdated systems are becoming unsustainable as customers expect faster, digital-first services.
HugoHub was built to solve this problem. It’s a full Banking-as-a-Service (BaaS) platform that can cut technology costs by up to 90%, lower operating expenses by 75–80%, and allow banks to serve many more customers with fewer staff compared to traditional models.
Instead of forcing banks to replace everything at once, HugoHub uses a step-by-step approach that avoids disruption. This makes it easier and cheaper to bring modern banking to underserved markets.
By simplifying and reducing the cost of digital banking, HugoHub helps financial institutions expand services quickly and 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.
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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.
Founded in Singapore, HugoHub is now being used in both emerging and developed markets.
The company says its platform helps financial institutions move past outdated systems, delivering a faster, safer, and more 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.
Created in Southeast Asia and built for global use, he said Atlas’ solution is the kind of bold innovation the firm is eager to support in the region.
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