- Funding circular brings total fund raise to date in order to US$10. 5 million
- 1982 Ventures, Woodside Holdings Investment Management participated
Singapore-based wealthcare and savings application Hugosave announced that it offers successfully completed its US$4 million (RM17. 7 million) pre-Series A funding round, bringing the total amount of funds raised to US$10. 5 million (RM46. 5 million).
Inside a statement, the fintech startup said nearly all its funding has been provided by current investors, including 1982 Endeavors and Woodside Holdings Investment Management, and many existing corporate business investors.
It said the funds will be used to accelerate Hugosave’s existence in the region, increase the breadth of products and improve the user’s journey.
Herston Capabilities, co-founder and controlling partner of 1982 Ventures, said Hugosave is growing rapidly plus demonstrating that fintech startups can fill up the gap within the digital wealth management space with their exclusive solutions.
“Its straightforward platform and solid product offering to users as they spend, save and make investments, makes Hugosave particularly exciting to the next generation of investors”, he said.
Meanwhile, chief executive officer and co-founder, David Fergusson claimed that will in the past two-and-a-half years, the startup has created a product, built a team, received permit, gained customer grip, built a state of the art data capture and analysis process, and built partnerships.
“This fundraising is another major landmark, ” he stated.
Founded in December 2019, Hugosave aimed at making financial fitness attainable to everyone via its patented ‘wealthcare’ concept.
Since the launch of its app in Come july 1st 2021, Hugosave stated to have increased the particular financial fitness of over 40, 000 users, as they develop healthy habits simply by spending smarter, conserving more, and investing diligently.
Chief product official, Braham Djidjelli, Hugosave said “Hugosave is really a wealthcare and savings app built for the open banking period.
“Our modular architecture is a truly open platform, allowing us to develop partnerships with anybody looking for an inlayed finance solution.
“Combined with the behavioural engine, this provides us the ability to generate exciting and extremely personalised financial travels for our users, ” he said.
To make the financial savings journey seamless and automated, Hugosave enables users to save while they spend via roundups and enjoy partner offers while avoiding unnecessary fees.
These financial savings can then be conserved and grown via safer investment choices such as gold, it said.
“When it comes to investing, many don’t know where to begin. We want to help people develop sustainable healthy economic habits by making a super easy and pleasant investing journey, using a focus on education plus user-centric activities, ” said Ben Davies, chief operating officer of Hugosave.