Atlas Consolidated, a Singapore-based banking-as-a-service provider, has raised US$18.1 million in a series B round led by Tin Men Capital.

Other participants include Getz, Inc. and Woodside Holdings Investment Management.

The company plans to use the new capital to expand HugoHub, its modular digital banking platform, into more global markets.

HugoHub is being deployed in both emerging and developed markets to help financial institutions update their systems.

It is designed to let banks launch digital services without overhauling existing infrastructure.

Atlas Consolidated also invests in financial institutions and operates Hugosave, a personal finance app in Singapore.

🔗 Source: Atlas Consolidated

🧠 Food for thought

1️⃣ Banks face mounting pressure to replace outdated systems driving massive transformation spending

Atlas Consolidated’s claims of 90% technology cost reductions and 75-80% operational savings highlight the inefficiencies in traditional banking infrastructure.

The core banking software market is projected to grow from $12.51 billion in 2022 to $40.67 billion by 2029, representing an 18.3% compound annual growth rate driven primarily by banks seeking to modernize legacy systems2.

Digital banking technology spending alone reached $650 billion in 2023, yet most existing banks still rely on outdated systems ill-equipped for modern digital finance demands1.

This massive spending indicates that traditional banks are burdened by maintaining expensive, rigid systems that prevent them from competing effectively with nimble fintech competitors.

The modular approach that Atlas promotes addresses a critical pain point: banks can avoid the risk and disruption of complete system overhauls while still achieving significant cost efficiencies through gradual modernization.

2️⃣ Financial inclusion represents a substantial untapped market opportunity for digital banking platforms

The global financial inclusion gap that Atlas targets is both massive and rapidly evolving, creating significant commercial opportunities for scalable digital banking solutions.