Atlas Consolidated, a Singapore-based fintech-for-banks startup, has announced raising $18.1 million in a Series B funding round anchored by venture capital investor Tin Men Capital.
The round included follow-on investment from strategic investors Getz Inc. and Woodside Holdings Investment Management, said Atlas, which operates wealthtech app Hugosave.
The fresh capital will be used to scale HugoHub, a banking-as-a-service platform that aims to help financial institutions globally accelerate their digital transformation, per the announcement.
Global digital banking technology spending reached $650 billion in 2023, yet most banks remain reliant on outdated infrastructure, the company noted.
“This investment marks a pivotal step in our mission to build better banks through technology,” Atlas chief executive David Fergusson said.
The company said HugoHub cuts technology spending by up to 90% and reduces overall operating expenses by 75-80% compared to traditional banking models.
The platform uses a modular deployment approach, avoiding disruptive “rip and replace” transitions and making financial inclusion viable in underserved markets, it added.
“The future of banking is in agile, cloud-based solutions,” said Surya Tamada, Chief Technology Officer at Atlas Consolidated.
The investment will increase the company’s ability to meet growing demand and deliver solutions to more markets worldwide, he added.
Tin Men Capital co-founder Jeremy Tan said banks face mounting pressure to compete with digital-first challengers while still burdened by decades-old core systems.
“HugoHub’s full-stack ‘bank-in-a-box’ solution gives banks flexibility to launch new products, integrate services where they matter most, and refine features without disrupting the wider system,” he said.
Atlas Consolidated reported lower revenue in 2023, though its net losses narrowed marginally as assets and equity rose sharply, according to DealStreetAsia’s DATA VANTAGE.
Revenue fell 11.1% to $760,000 in 2023 from $860,000 a year earlier. This follows Atlas’s revenue reporting debut in 2022, when it generated $860,000 after no recorded revenue in 2021.
Losses before interest and tax widened marginally to $5.19 million in 2023 from $5.09 million in 2022, an increase of 2%. Net loss after tax narrowed 1.5% year on year to $5.24 million, from $5.32 million.
Atlas’s balance sheet expanded significantly. Assets climbed 132% to $8.83 million in 2023 from $3.8 million in 2022. Shareholder equity surged more than fourfold to $6.94 million, up 408% from $1.37 million.
Last year, Atlas Consolidated issued preference and ordinary shares worth $39.4 million to Getz Group, Robert Francis van Baal, Atlas co-founder Ben Davies, and others.
