Atlas Consolidated secures US$18.1 mil Series B funding led by Tin Men Capital

• Funding will accelerate HugoHub’s expansion into new markets
• Claims HugoHub can cut tech spend by 90%, slash costs 75–80% & boosts efficiency

Atlas Consolidated has announced the closing of a US$18.1 million (RM76 million) Series B funding round. The round was led by Tin Men Capital and included follow-on investment from strategic investors Getz, Inc. and Woodside Holdings Investment Management. 1982 Ventures invested in the company’s pre-Series A funding round in 2022.

David Fergusson (pic), CEO of 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,” said Jeremy Tan, co-founder and managing partner of Tin Men Capital.

“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,” he added.

Across the world, millions remain unbanked, without access to appropriate, sophisticated financial services such as bank accounts, pensions and credit facilities. This highlights a massive untapped financial services market. Expanding access to this group represents both 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spend was US$650 billion (RM2.7 trillion) in 2023, yet the vast majority of existing banks are still reliant on outdated legacy systems that are ill-equipped for the demands of modern digital finance.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 a digital-first customer experience.

HugoHub was designed to address this gap. Atlas Consolidated claims that, as a complete core-to-customer banking-as-a-service (BaaS) platform, HugoHub cuts technology spending by up to 90%, reduces overall operating expenses by 75–80%, and enables significantly higher customer-to-staff ratios compared with traditional banking models. Its modular, step-by-step deployment avoids disruptive “rip-and-replace” overhauls while supporting financial inclusion by lowering the cost of delivering modern banking to underserved markets.

By decoupling digital banking infrastructure from high overheads and complexity, HugoHub enables institutions to extend services swiftly and cost-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 increase our ability to meet the growing demand and deliver our solutions to more markets around the world,” said Surya Tamada, chief technology officer of Atlas Consolidated and chief architect of HugoHub.

Meanwhile, Braham Djidjelli, chief product officer of Atlas Consolidated, said, “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 already being deployed successfully in both emerging and developed markets. The company’s platform enables financial institutions to move beyond their legacy infrastructure, offering a more responsive, secure and user-friendly experience for customers.