Singapore’s Hugo secures US$2 million in funding round

By Leandra Monteiro

Singapore-based digital wealth management app Hugo announced that it has raised US$2 million in a seed funding round led by 1982 Ventures, prominent family offices and angels.

With the newly raised funds the company plans to launch more features to help consumers optimise their budgeting, savings and investing habits to ensure financial wellbeing.

“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,” shared David Fergusson, Chief Executive Officer and Co-Founder of Hugo, according to media reports.

In addition, the wealth-tech company has an exclusive feature called the Gold Vault which makes investing in gold easier for customers. Hugo customers can buy or sell gold for as low as S$0.01. 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.

According to media reports, 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.”