Hugosave Completes US$4 Million Pre-series A Fundraiseby Fintech News Singapore July 13, 2022
Hugosave, a Singapore-based Wealthcare® and savings app, announced the completion of its US$4 million pre-Series A funding round, bringing the total amount of funds raised to US$10.5 million.
The majority of funding was provided by current shareholders, including 1982 Ventures and Woodside Holdings Investment Management, and several existing corporate venture investors.
The funds will be used to accelerate Hugosave’s presence in the region, increase the breadth of offerings and improve the user journey.
In April this year, Hugosave had secured a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS).
Since the launch of its app in July 2021, Hugosave said that it has helped over 40,000 users develop healthy financial habits by spending smarter, saving more, and investing diligently.
“In the past 2.5 years, we’ve created a product, built a team, received licences, gained customer traction, built a state-of-the-art data capture and analysis process, and built partnerships.
This fundraising is another major milestone,”
said David Fergusson, Chief Executive Officer and Co-founder of Hugosave.
“Hugosave is a Wealthcare® and savings app built for the open banking era. Our modular architecture is a truly open platform, allowing us to build partnerships with anyone looking for an embedded finance solution.
Combined with our behavioural engine, this gives us the ability to create exciting and highly personalised financial journeys for our users,”
added Braham Djidjelli, Chief Product Officer of Hugosave.