Singapore-based Atlas Consolidated has raised US$18.1 million in Series B funding, led by Southeast Asia-focused VC Tin Men Capital, with participation from Getz, Inc. and Woodside Holdings Investment Management.
This fresh capital injection is aimed squarely at accelerating the growth of HugoHub, Atlas’s flagship digital banking platform, as demand for core-to-customer modular banking infrastructure surges worldwide.
Banks globally struggle with outdated infrastructure that hampers agility, inflates costs, and stifles innovation. HugoHub is designed to address this challenge head-on.
The Banking-as-a-Service (BaaS) platform claims to reduce tech spending by 90 per cent and overall operational expenses by up to 80 per cent, while enabling higher customer-to-staff ratios compared to traditional models.
Its modular, no-code architecture allows banks to integrate digital capabilities incrementally—avoiding the disruption of a full core system replacement. This makes it particularly appealing for institutions looking to innovate without overhauling their entire stack.
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Jeremy Tan, Co-Founder and Managing Partner at Tin Men Capital, sees HugoHub as a key enabler for banks navigating digital transformation. “Atlas’ solution exemplifies the kind of ambitious innovation we are excited to back in our region,” said Tan. “It allows banks to innovate faster, compete with challenger banks, and operate with radically better economics.”
David Fergusson, CEO of Atlas Consolidated, emphasised the raise’s strategic significance: “With Tin Men Capital’s support, we can accelerate HugoHub’s expansion to new markets, helping financial institutions create more efficient, inclusive, and sustainable systems.”
Beyond banking efficiency, Atlas is positioning HugoHub as a tool for financial inclusion across the Asia Pacific. Millions remain unbanked in the region, and the company believes its low-cost, scalable model can sustainably bridge this gap.
HugoHub empowers institutions to serve underserved populations more effectively by decoupling digital infrastructure from complex overheads.
The platform is already being deployed in emerging and developed markets. It supports initiatives such as Hugosave in Singapore and HugoBank in Pakistan, two ventures designed to showcase HugoHub’s flexibility and impact.
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