Wealthtech App Hugo Bags US$2 Million in Seed Fundingby Fintech News Singapore June 21, 2021
Hugo, a Singapore-based digital wealth and savings app, announced that it has raised US$2 million in a seed funding round from 1982 Ventures, prominent family offices and angels.
With the new funds, Hugo said that it will launch more features to help consumers optimise their budgeting, savings and investing habits to ensure financial wellbeing.
David Fergusson, Chief Executive Officer and Co-Founder of Hugo stated,
“Money is the biggest cause of stress and Covid-19 has only reinforced how financially unprepared most of us are.
We are excited to introduce Hugo at a time when financial wellbeing has become so relevant.”
Hugo has a unique feature called the Gold Vault which makes investing in gold easy for all. Hugo customers can buy or sell gold for as low as S$0.01.
Gold has always been a core investment for the ultra-wealthy and offers safety and wealth preservation in times of inflation and market turmoil.
Hugo’s Gold Vault is backed by physical gold stored in an accredited LBMA (London Bullion Market Association) vault and insured by Lloyds of London, giving savers the same protections as large hedge funds and private banks.
Herston Powers, Managing Partner, of 1982 Ventures said,
“Hugo is democratising access to gold with a low fee product that is extremely thoughtful and approachable. Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.
Singapore is a perfect market to launch the next generation of digital banking and wealth solutions.”