Media OutReach

Atlas Consolidated Secures USD 18.1 Million Series B Funding led by Tin Men Capital to Accelerate Global Adoption of HugoHub

Published

3 months ago

27/08/2025

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

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
Hashtag: #AtlasConsolidated #TinMenCapital #BankingasaService #HugoHub #Banking-as-a-Service(BaaS) #DigitalBanking #Fintech #Cloud-NativeBanking #FinancialTechnology #BankingInfrastructure #ModularBankingPlatform #AIinBanking #SeriesBFunding #VentureCapital #StartupFunding #GrowthCapital #FinancialInclusion #EmergingMarkets

https://www.atlasconsolidated.com/
https://www.linkedin.com/company/atlas-consolidated/

The issuer is solely responsible for the content of this announcement.

About Atlas Consolidated

Atlas Consolidated Pte Ltd is a Singapore-based financial services company with a dual-pronged strategy centered on its proprietary technology and strategic investments. Our core mission is to build better banks through technology, lowering costs, increasing efficiencies, and broadening access to everybody.

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.

Media OutReach

Payment Options Singapore Secures In-Principle Approval from MAS for Major Payment Institution Licence

Published

17 hours ago

08/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 8 December 2025 – Payment Options Pte Ltd, a Singapore-based payment solutions provider, is pleased to announce that it has received In-Principle Approval (IPA) from the Monetary Authority of Singapore (MAS) for a Major Payment Institution (MPI) licence under the Payment Services Act 2019.

Payment Options Pte Ltd office in Singapore

This milestone underscores Payment Options’ commitment to supporting Singapore’s small and medium-sized enterprises (SMEs) with simple, secure, and accessible digital payment solutions.

If granted the licence, Payment Options Pte Ltd will be authorised to provide three regulated payment services: Merchant Acquisition, Domestic Money Transfer, and Cross-Border Money Transfer. Through these services, the company aims to empower SMEs with a full suite of payment capabilities — from online payment gateways and QR code payments to the upcoming SoftPOS payments technology — enabling merchants to accept digital payments easily and securely.

“We remain deeply committed to supporting Singapore’s SMEs as they grow and compete in an increasingly digital-first economy. Our vision is to position digital payments as a growth enabler — not a challenge — for small businesses”, said Aaron Yip, Director of Payment Options Pte Ltd. “Our goal is to make digital transactions seamless, secure, and accessible for every business, regardless of size.”

Building on this vision, if the licence is granted, Payment Options will continue to work closely with local merchants, financial institutions, and technology partners to enhance payment accessibility and drive innovation across Singapore’s SME ecosystem.

“We reaffirm our commitment to regulatory compliance and innovation, as we contribute to Singapore’s ongoing journey toward a secure, inclusive, and cash-lite economy.”

The IPA granted by the MAS indicates that a licence may be issued upon the fulfilment of specified conditions and provided there are no material adverse developments affecting the applicant. The IPA does not constitute a licence to provide payment services at this stage, and MAS reserves the right to rescind the approval if it deems appropriate.
Hashtag: #PaymentOptions

https://www.paymentoptions.com/
https://www.linkedin.com/company/payment-options/
https://www.facebook.com/PaymentOptions.int/
https://www.instagram.com/payment.options/

The issuer is solely responsible for the content of this announcement.

About Payment Options Pte Ltd

Payment Options Pte Ltd is a Singapore-based financial technology company providing innovative and secure payment solutions designed to help SMEs and merchants simplify digital transactions. With a focus on compliance, technology, and customer experience, the company aims to make digital payments accessible for every business.

Media OutReach

Financial Assistance at SIM: Breaking Barriers to Education

Published

18 hours ago

08/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 8 December 2025 – For many aspiring learners, financial constraints remain one of the biggest obstacles to achieving their goals. SIM is determined to change that. Guided by the principle that no student should be left behind because of cost, SIM has built a comprehensive ecosystem of financial aid, scholarships, and bursaries to make quality education attainable for all.

At the heart of this mission is the SIM Impact Fund, a S$60 million initiative dedicated to empowering students from diverse backgrounds and ensuring that financial hardship never stands in the way of academic or personal growth. By blending need-based assistance with merit-driven opportunities, SIM is creating an inclusive learning environment where talent and ambition define success.

Empowering Learners Through the SIM Impact Fund

In 2024, SIM introduced the SIM Impact Fund, a S$60 million initiative dedicated to supporting students from lower-income households and ensuring that financial constraints do not hinder educational aspirations. Administered through SIM Trust, the fund is designed to empower learners within and beyond SIM’s community by removing barriers to access. Beginning in 2025, Singapore Citizens and Permanent Residents with a per-capita income of S$1,750 or below can benefit from tiered assistance, ranging from S$6,000 up to S$13,500 for those with PCI of S$600 or less, S$4,500 to S$6,750 for PCI between S$601 and S$1,000, and S$2,000 for PCI between S$1,001 and S$1,750. Beyond tuition aid, the fund also provides support for overseas internships and merit-based scholarships, benefiting approximately 500 students annually.

Beyond Tuition: Comprehensive Financial Aid

SIM’s commitment to learning accessibility goes far beyond tuition subsidies. Through its Financial Assistance schemes, students can tap into a range of support options tailored to different needs. These include Enhanced Bursaries Aid, which provide up to S$13,500 per year for Singapore Citizens, and a SIM GE Crisis Fund offering emergency relief of up to S$5,000 for unforeseen circumstances. In addition, SIM encourages global exposure through Study Abroad Awards, enabling students to broaden their horizons without financial strain. Together, these initiatives reflect SIM’s ethos of inclusivity and resilience, ensuring that financial challenges never derail academic aspirations.

Community-Focused Support

The Dr Richard K M Eu – SIM Social Entrepreneurship Centre (RESSEC) exemplifies SIM’s deep-rooted commitment to community empowerment and social impact. Launched in July 2024 in partnership with the late Dr Eu’s family,

RESSEC received a combined S$8 million donation, S$6 million from the Eu family and S$2 million from SIM, marking a significant investment in nurturing social entrepreneurship. Guided by Dr Eu’s vision of transforming social service through ethical leadership and innovation, the Centre equips learners and social service professionals via initiatives such as a specialised postgraduate Diploma in Social Entrepreneurship, mentorship, and collaborative dialogues.

RESSEC also provides 12 bursaries of S$10,000 each for SIM Global Education students (check that this is accurate and that it’s not also extended to those outside the SIM ecosystem) who demonstrate strong community service and leadership and those with per-capita income up to S$1,750, prioritising those with per-capita income less than S$1,000. Through this initiative, SIM embeds purpose-driven learning into its mission, empowering students to create sustainable, positive impact in Singapore and beyond

Scholarship for Excellence

SIM offers a diverse range of scholarships under SIM Global Education to recognize excellence and resilience among its students. These include the SIM STARRR Award, which provides up to S$36,000 to outstanding achievers who demonstrate academic distinction and leadership qualities, and the Sports & Arts Talent Award, also valued at S$15,000 for students who excel in athletic or artistic pursuits. Additionally, the Chairman’s Award for Resilience grants S$3,000 to students who successfully balance work and study commitments, showcasing perseverance in the face of challenges. Together, these scholarships complement SIM’s need-based financial aid, creating a holistic support system that rewards merit while ensuring inclusivity.

Conclusion: Building a Future Without Barriers

SIM’s financial assistance framework is more than a set of policies, it is a promise to the community. By investing in initiatives like the SIM Impact Fund and expanding bursaries and scholarships, SIM is actively dismantling the barriers that prevent talented individuals from reaching their potential. This approach does not just benefit students, it strengthens society by cultivating a diverse pool of graduates equipped to lead, innovate, and give back. In a world where education often comes with a hefty price tag, SIM stands out as a beacon of accessibility and empowerment. For students and families seeking assurance that quality education is within reach, SIM offers not just hope but a clear, actionable path forward.

References:

Bursaries & Financial Aid (Enhanced) – https://www.sim.edu.sg/degrees-diplomas/admissions/bursaries-and-financial-aids
Dr Richard K M Eu – SIM Social Entrepreneurship Centre (RESSEC) – https://www.sim.edu.sg/degrees-diplomas/sim-global-education/ressec
The Dr Richard K M Eu – SIM Social Entrepreneurship Centre (RESSEC) Opens to Advance Singapore’s Social Sector – https://www.sim.edu.sg/news-events/the-dr-richard-k-m-eu-sim-social-entrepreneurship-centre-%28ressec%29-opens
SIM Scholarship – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships
SIM’s STARRR Award – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/sim-starrr-award-for-new-undergraduate-students
SIM Award and Sports & Artistic Award – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/sim-global-education-scholarship
SIM Global Education Diploma Scholarships – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/sim-global-education-diploma-scholarships
Chairman’s Award for Resilience – https://www.sim.edu.sg/degrees-diplomas/admissions/scholarships/chairman-s-award-for-resilience

Hashtag: #SIMGlobalEducation #SIMGE #GlobalEducation #InternationalDegree #CareerReady #FutureSkills

The issuer is solely responsible for the content of this announcement.

About SIM Global Education

SIM Global Education (SIM GE) is a leading private education institution in Singapore and the region. We offer more than 140 academic programmes ranging from diplomas and graduate diploma programmes to bachelor’s and master’s degree programmes with some of the world’s most reputable universities from Australia, Canada, Europe, United Kingdom, and the United States. SIM GE’s cohort is made up of 16,000 full- and part-time students and adult learners, of which approximately 36% are international students hailing from over 50 countries.

SIM GE’s holistic learning approach and culturally diverse learning environment aim to equip students with knowledge, industry skills and employability competencies, as well as a global perspective to succeed as future leaders in a fast-changing, technologically driven world.

For more information on SIM Global Education, visit sim.edu.sg

Media OutReach

Beyond Academic Excellence: SIM Scholarships Champion Leadership, Resilience, and Talent

Published

1 day ago

07/12/2025

Media Outreach

SINGAPORE – Media OutReach Newswire – 7 December 2025 – The Singapore Institute of Management (SIM) is proud to reaffirm its commitment to developing future-ready graduates through a comprehensive scholarship framework that goes beyond academic achievement. These scholarships are designed to recognize and nurture qualities such as leadership, resilience, and talent. These attributes are essential for success in today’s dynamic global environment.

For decades, scholarships have been synonymous with academic excellence. SIM is redefining this narrative by adopting a holistic approach that values character, contribution, and courage alongside academic performance. This initiative reflects SIM’s mission to prepare graduates who are adaptable, innovative, and socially responsible.

Scholarships That Go Beyond Academics

SIM’s scholarship ecosystem reflects its belief that success is multidimensional. Rather than focusing solely on grades, these awards celebrate qualities such as resilience, leadership, and talent. The SIM STARRR Award, for instance, supports freshmen who embody Resilience, Resourcefulness, and Responsibility, offering up to S$36,000 in tuition fees, along with living and exchange allowances, without any bond requirement.

For students who shine in sports or the arts, the SIM Award & Sports/Artistic Talent Award provides S$15,000, disbursed in two tranches, to help them balance academic and extracurricular excellence.

International students pursuing diploma programmes can benefit from the Diploma Scholarships, which cover up to 100% of course fees for academic excellence or 50% for merit-based achievements.

For working adults who have overcome significant challenges, the SIM Chairman’s Award for Resilience offers S$3,000, recognizing perseverance and determination in the face of adversity.

Stories That Inspire

SIM’s scholarships are more than financial aid. They are catalysts for transformation, opening doors for students to turn challenges into triumphs. Take Ernita Tanudjaja, an international student who refused to let pandemic disruptions derail her ambitions. Instead, she leveraged technology to livestream events and boost engagement, showcasing resilience and resourcefulness.

Similarly, Chow Kah Ying, an ICU nurse, managed the intense demands of frontline healthcare during COVID-19 while completing her degree, showcasing perseverance and purpose. Likewise, Michelle Seah transformed O-level failure into triumph, excelling in javelin and academics to earn the SIM Sports & Artistic Talent Award, proof that determination and discipline can rewrite any story.

These journeys reflect SIM’s unwavering belief that leadership and resilience matter as much as grades, and that true achievement lies in character and contribution as much as in academic performance.

The Broader Vision

SIM’s scholarships represent more than financial assistance. They serve as a strategic platform for transformation and growth. Recipients benefit from networking opportunities that connect them with alumni and industry leaders, fostering mentorship and career development. Many scholarships also provide international exposure through exchange programmes that broaden perspectives and enhance global competencies.

In addition to academic achievement, students cultivate essential life skills such as leadership, resilience and adaptability through experiential learning and community engagement. These qualities equip graduates to excel in uncertain environments and contribute meaningfully to society.

This commitment reflects SIM’s core belief that education is not limited to examinations. It is about shaping leaders who create impact and drive positive change in a rapidly evolving world.

References: