Atlas Consolidated Secures USD 18.1 Million Series B Funding led by Tin Men Capital to Accelerate Global Adoption of HugoHub
The Asia-based Banking-as-a-Service provider aims to significantly accelerate the growth of HugoHub, Atlas’s modular cloud-native digital banking platform
SINGAPORE - Media OutReach Newswire - 27 August 2025 - Atlas Consolidated announced the closure of an USD18.1 million Series B funding round.The round was led by Tin Men Capital and includes follow-on investment from strategic investors, Getz, Inc. and Woodside Holdings Investment Management.
David Fergusson, Chief Executive Officer, Atlas Consolidated, said "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."
"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," said Jeremy Tan, Co-Founder and Managing Partner of Tin Men Capital.
Building Banks That Work for Everyone
Across the world, millions remain unbanked, lacking access to appropriate, sophisticated financial services like bank accounts, pensions and credit facilities. This highlights a massive untapped financial services market. Expanding access to this group represents a compelling commercial opportunity and a vital step toward inclusive economic development in Asia Pacific.
The banking industry is undergoing a profound transformation. Digital banking technology spend was USD650 billion in 2023 (1), yet a vast majority of existing banks are still reliant on outdated, legacy systems that are ill-equipped for the demands of modern digital finance. These legacy architectures are increasingly untenable in a world demanding agility and digital-first customer experience.
HugoHub was designed to address this gap. As a complete core-to-customer Banking-as-a-Service (BaaS) platform, it cuts technology spending by up to 90%, reduces overall operating expenses by 75 to 80% and enables significantly higher customer-to-staff ratios than traditional banking models. Its modular step-by-step deployment approach avoids disruptive "rip and replace" overhauls while making financial inclusion sustainable by lowering the cost of delivering modern banking to underserved markets. By decoupling digital banking infrastructure from high overhead and complexity, HugoHub empowers institutions to extend services swiftly and cost effectively across Southeast Asia and beyond.
"The future of banking is in agile, cloud-based solutions," said Surya Tamada, Chief Technology Officer, Atlas Consolidated and Chief Architect, HugoHub. "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, added "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."
Born in Singapore, HugoHub is successfully being deployed in both emerging and developed markets. The company's platform empowers financial institutions to move beyond their legacy infrastructure, offering a more responsive, secure, and user-friendly experience for their customers.
Source (1) Unlocking Value from Technology in Banking, McKinsey & Company, 2024
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About Atlas Consolidated
The cornerstone of Atlas's business is HugoHub, a highly flexible and modular business-to-business (B2B) digital banking platform. Designed as a complete "core-to-customer" banking-as-a-service (BaaS) solution,
HugoHub allows clients to build and manage full digital banks or seamlessly integrate specific modules into their existing systems. A key differentiator is its "no-code Product Factory," which enables clients to configure and launch new financial products autonomously. The platform also boasts a cloud-agnostic architecture, addressing data sovereignty concerns, and incorporates a unique "Behaviour Engine" and an AI interface to drive customer engagement and provide personalized insights.
HugoHub dramatically reduces the cost and complexity of deploying a new digital bank, cutting ongoing operating expenses by orders of magnitude. The platform's streamlined technology and operational model can reduce a bank's annual tech spending by approximately 90% and lower overall operational costs by 75% to 80%. This efficiency is realized by enabling a significantly higher customer-to-staff ratio compared to traditional banking models.
For existing financial institutions, HugoHub offers a strategic alternative to costly and high-risk core replacement projects. Instead, its modular design allows banks to implement gradual technological and operational reforms, modernizing their infrastructure without the disruptive and expensive process of a full-scale system overhaul.
In addition to its technology platform, Atlas Consolidated strategically invests in financial institutions. This includes Hugosave, a "Wealthcare" app in Singapore that serves as a demonstration of HugoHub's capabilities, and its leading role in the HugoBank consortium in Pakistan, which recently received a digital banking license to promote financial inclusion in the region.
The company is supported by its recent Series B funding round, led by Tin Men Capital, with participation from strategic partners like Getz, Inc. and Woodside Holdings Investment Management. This capital will be used to accelerate the global growth of the HugoHub platform into new markets.
www.atlasconsolidated.com
www.hugohub.com
www.hugosave.com
www.hugobank.com.pk
Tin Men Capital
Tin Men Capital is a Southeast Asia venture capital firm licensed by the Monetary Authority of Singapore. It is led by Murli Ravi (formerly at Temasek Holdings and JAFCO) and Jeremy Tan (formerly at Morgan Stanley and Puma Energy).
Tin Men invests in enterprise technology and B2B marketplace startups. Their portfolio companies address opportunities in large, traditional industries. Some examples include manufacturing, logistics, construction, maritime, agriculture and real estate. Portfolio companies include Globaltix, Hubble, Ailytics and Glife.
For more information, visit www.tinmen.asia.
