Fintech startup Hugosave raises US$4m in pre-Series A funding round

Elysia Tan

Published Wed, Jul 13, 2022 · 02:17 PM

DIGITAL account and savings mobile app Hugosave has raised US$4 million in a pre-series A funding round, bringing its total funds raised to US$10.5 million, the startup announced in a Wednesday (Jul 13) press statement.

Current shareholders, including 1982 Ventures, Woodside Holdings Investment Management and several existing corporate venture investors, provided the majority of funding.

The startup, founded in 2019, plans to use the funds to accelerate its presence in the region, widen its offerings and improve the user journey, it said. Hugosave added that it has helped improve the financial fitness of over 40,000 users since the app’s launch in 2021.

In April this year, the company obtained a major payment institution licence from the Monetary Authority of Singapore, which allowed it to offer account and e-money issuance, and domestic and cross-border money transfers.

Hugosave’s chief product officer, Braham Djidjelli, said the company’s modular architecture is an open platform that allows it to build partnerships with “anyone looking for an embedded finance solution”, and when combined with its behavioural engine, lets the startup create “personalised financial journeys” for its users.

Herston Powers, co-founder and managing partner of 1982 Ventures, said: “Its easy-to-use platform and strong product offering to users as they spend, save and invest, makes Hugosave particularly exciting to the next generation of investors.”