Atlas Consolidated, a Singapore-based banking-as-a-Service (BaaS) provider, has raised $18.1m in a Series B funding round.  

Tin Men Capital led the round, which saw participation from investors including Getz and Woodside Holdings Investment Management.  

HugoHub, developed by Atlas Consolidated, is designed for financial institutions to upgrade their legacy systems.  

The company said its platform is already making inroads in both emerging and developed markets. 

Atlas Consolidated sees “compelling commercial opportunity” in addressing the needs of millions of unbanked individuals worldwide.  

Providing access to financial services such as bank accounts, pensions, and credit facilities can unlock a “massive” market, the group said.  

Atlas Consolidated CEO David Fergusson 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.” 

Tin Men Capital co-founder and managing partner Jeremy Tan 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. 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.” 

Citing the data by McKinsey & Company, it said the banking industry is undergoing a digital transformation, with $650bn spent on digital banking technology in 2023.  

However, many banks still rely on outdated legacy systems, which struggle to meet the demands of modern digital finance.  

According to data, these systems are increasingly unsustainable in a digital-first world. 

HugoHub addresses this gap by offering a comprehensive “core-to-customer” BaaS platform.  

It is said to cut technology spending by up to 90%, reduce overall operating expenses by 75 to 80%, and supports higher customer-to-staff ratios compared with traditional banking models.  

HugoHub features a modular step-by-step deployment approach to avoid disruptive overhauls.