Atlas Consolidated has raised US$18.1 million in a Series B funding round led by Singapore-based venture capital firm Tin Men Capital.

The round also saw participation from existing investors Getz, Inc. and Woodside Holdings Investment Management.

The Asia-based Banking-as-a-Service provider said the investment will be used to accelerate the expansion of HugoHub, its modular, cloud-native digital banking platform.

HugoHub, which originated in Singapore, is being deployed in both emerging and developed markets.

The platform is designed to help financial institutions modernize their infrastructure without large-scale system replacements.

Atlas says it can cut technology spending by up to 90%, reduce operating expenses by 75–80%, and support financial inclusion by lowering the cost of delivering modern banking services.

Jeremy Tan, Co-Founder and Managing Partner of Tin Men Capital, said,

“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.

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.”

Featured image: Edited by Fintech News Singapore, based on image by digitizesc via Freepik