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Atlas Secures Rs 1.5 Billion to Expand HugoHub Globally

2025-08-30

Atlas Consolidated has successfully closed a Series B funding round worth USD 18.1 million (approximately Rs 1.5 billion). The round was led by Tin Men Capital, with continued participation from strategic investors Getz, Inc. and Woodside Holdings Investment Management.

David Fergusson, CEO of Atlas Consolidated, described the investment as a significant milestone:

“With Tin Men Capital's support, we can accelerate HugoHub’s expansion to new markets, helping traditional financial institutions build more inclusive and sustainable systems.”

HugoHub, the company’s flagship Banking-as-a-Service (BaaS) platform, enables banks to modernise without overhauling their entire IT systems. It offers a full-stack "bank-in-a-box" solution that empowers financial institutions to innovate, integrate services where needed, and bring new products to market quickly—all while avoiding disruptions to existing operations.

Support for Banks Under Pressure

Jeremy Tan, Co-Founder and Managing Partner at Tin Men Capital, noted:

“Banks are under pressure to digitise, but are stuck with rigid, outdated systems. HugoHub gives them the agility to compete with neo and challenger banks while significantly improving their economics.”

Built in Southeast Asia with global scalability in mind, HugoHub is designed to help banks lower costs and broaden their reach. It can cut technology expenses by up to 90 per cent and reduce operating costs by 75 to 80 per cent, enabling higher customer-to-staff ratios than traditional models. Its modular deployment avoids costly "rip and replace" changes, making it especially viable for underserved markets.

Unlocking Access to the Unbanked

The platform also targets the millions across the Asia Pacific who remain unbanked. By reducing the cost of delivering modern financial services, HugoHub fosters financial inclusion—a commercial opportunity and developmental necessity.

Surya Tamada, CTO of Atlas Consolidated and Chief Architect of HugoHub, highlighted the impact:

“The future of banking lies in agile, cloud-native systems. This investment will help us meet surging global demand.”

Chief Product Officer Braham Djidjelli added:

“We’ve seen stronger-than-expected demand for HugoHub’s modular solution. Tin Men’s backing enables us to scale faster, supporting institutions looking to build or upgrade digital banks at lower costs and faster turnaround times.”

Global Ambitions from a Singapore Base

Originating in Singapore, HugoHub is already seeing deployments in both emerging and developed markets. The platform allows institutions to move beyond outdated infrastructure and deliver secure, responsive, and user-friendly banking services.

With this funding round, Atlas Consolidated aims to deepen its footprint in Asia and expand globally—driving the next wave of digital banking innovation and accessibility.

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