Hugosave
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Hugosave is a Singaporean personal finance mobile app launched in 2019 by Atlas Consolidated Pte. Ltd., a financial technology firm. The app is available on iOS and Android operating systems. It offers accounts, payment processing, debit cards, gold investment, and other services.[1] The mobile app currently has a client base of more than 65,000 clients in Singapore.[2]
Funding[edit]
Hugosave completed its first seed funding round of S$3 million on 15 January 2020 led by Woodside Holdings, a Singaporean investment management firm. In June 2021, Hugosave secured another S$4 million in funding from 2 seed rounds with Singapore-based venture capital firm 1982 Ventures and Woodside Holdings, respectively.[3] The latest funding round conducted in July 2022, led by 1982 Ventures, saw Hugosave secure another S$4 million in pre-Series A funding, bringing the app’s total funding amount to S$10.5 million.[4]
History[edit]
David Fergusson, Ben Davies, Braham Djidjelli and Surya Tamada founded Hugosave (Atlas Consolidated Pte Ltd) and set up its headquarters in Singapore[5]. The company was established on 17 December 2019[6] by David, Ben and Braham, with Surya becoming the fourth co-founder later in 2022. David serves as the Chief Executive Officer with Ben as the Chief Operating Officer, Braham as Chief Product Officer and Surya as Chief Technology Officer.
On 13 August 2021, Hugosave received the Regulated Precious Metals Dealers Certification from the Ministry of Law (Singapore).[7]
The company soft-launched the Hugosave app on 25 May 2021 on the Apple App Store and Google Play and started client operations on 1 July 2021.[8]
In April 2022, Hugosave obtained the Major Payment Institution (MPI) licence from the Monetary Authority of Singapore, the republic’s central bank and financial regulatory authority.[9] This allows Hugosave to facilitate account and e-money issuance and domestic and cross-border money transfers[10]. The app can now provide any combination of regulated payment services, regardless of transactional volume or e-money held without being subject to specific thresholds.
The company also acquired a Visa Principal Member Issuing Licence in Singapore in 2022.[11]
Hugosave became a certified fintech and member of the Singapore Fintech Association in 2019,[12] of which its CEO is part of its wealthtech subcommittee.[13]
Services[edit]
The mobile app consists of an e-money account through which all transactions such as payments, budgeting and investment functions are done. The company is an issuer of its own numberless Visa Platinum debit card.[14] The app supports ad hoc and automatic investments in gold digitally. The company stores its gold holdings in a London Bullion Market Association-accredited vault and insures the holdings through the London-based insurance and reinsurance marketplace Lloyd’s of London. The app also provides a budgeting tool designed using the Envelope system concept.
References[edit]
- ↑ "Hugo Debuts «Wealthcare» App With Gold Vault". finews.asia. 2021-06-10. Retrieved 2023-03-01.
- ↑ Singapore, Fintechnews (2022-12-22). "10 Wealthtech Players in Southeast Asia 2023". Fintech Singapore. Retrieved 2023-03-01.
- ↑ "1982 Ventures Invests in Singapore's First Wealthcare App HUGO". Bloomberg.com. 2021-06-21. Retrieved 2023-03-01.
- ↑ www.businesstimes.com.sg https://www.businesstimes.com.sg/startups-tech/startups/fintech-startup-hugosave-raises-us4m-pre-series-funding-round. Retrieved 2023-03-01. Missing or empty
|title=(help) - ↑ www.hugosave.com https://www.hugosave.com/. Retrieved 2023-03-08. Missing or empty
|title=(help) - ↑ "ATLAS CONSOLIDATED PTE. LTD. · 143 Cecil Street, #07-01, Gb Building, Singapore 069542". opengovsg.com. Retrieved 2023-03-08.
- ↑ "List of Registered Dealers". acd.mlaw.gov.sg. Retrieved 2023-03-08.
- ↑ "Hugo launches Singapore's first Wealthcare(R) app". markets.businessinsider.com. Retrieved 2023-03-01.
- ↑ "Financial Institutions Directory". eservices.mas.gov.sg. Retrieved 2023-03-08.
- ↑ "Financial Institutions Directory". eservices.mas.gov.sg. Retrieved 2023-03-08.
- ↑ "Visa Global Registry of Service Providers - Search Results". www.visa.com. Retrieved 2023-03-08.
- ↑ "Atlas Consolidated Pte Ltd – SG FinTech Directory". Retrieved 2023-03-01.
- ↑ "WealthTech Subcommittee". Singapore FinTech Association. 2022-04-22. Retrieved 2023-03-01.
- ↑ Singapore, Fintechnews (2022-12-08). "Hugosave Will Now Be Able to Issue Its Numberless Visa Cards". Fintech Singapore. Retrieved 2023-03-01.
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