Hugo, a Singapore-based digital wealth and savings app, has secured US$2 million funding from 1982 Ventures and prominent family offices and angels.
The startup will use the money to continue to enhance offering with new customer-driven products and services.
It is also exploring market expansion in several geographies in Southeast Asia and outside the region with local partners.
Founded in 2019 by David Fergusson (CEO), Ben Davies (COO), and Braham Djidjelli (CPO), Hugo positions itself to be a wealthcare app.
The app boasts of four features:
1- Spend Account: A Hugo account is automatically set up upon customer signup and they can order their Hugo Platinum Visa Debit Card directly on the app. All Hugo accounts are safeguarded within DBS Bank.
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Customers may load money into their Hugo account from any bank account in Singapore, and then use their Hugo Debit Card to make purchases from this account.
The Hugo Platinum Visa Debit Card is a numberless card, designed to reduce fraud risk and ensure safety of transactions. Customers can securely access their card details and PIN within the Hugo app itself.
2- Gold Vault: Hugo customers can now make gold a part of their regular savings plan. They can buy or sell gold for as low as SGD0.01 and check live gold prices to make their trade decisions at their fingertips.
At a nominal fee of 0.5 per cent per transaction, Hugo aims to make investing in gold easy and friendly for all. Hugo customers can also set a monthly schedule for the desired amount to ensure they invest in gold consistently.
The gold in the Hugo Gold Vault is physical gold allocated against customers’ investments stored in an accredited LBMA (London Bullion Market Association) vault and insured by Lloyds of London.
3- Roundup: It helps Singaporeans build their savings without sacrificing on the things they love. Every transaction on a Hugo Visa Platinum card is rounded up to the nearest dollar with the difference saved into Roundup. Hugo calls it ‘Silent Savings’ as customers can generate savings effortlessly even as they spend. The weekly roundup savings are then automatically invested into real physical gold via the Hugo Gold Vault.
4- Money Pots: It allows customers to actively save for their short-, medium- and long-term financial goals. Customers can create any number of Money Pots, set timelines for each goal and choose the amount they would want to save every month in each of their Money Pots.
CEO Fergusson stated: “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.”
As per a press release, the startup plans to launch more features to help consumers optimise their budgeting, savings and investing habits to ensure financial wellbeing.
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.”
Scott Krivokopich, Managing Partner, of 1982 Ventures, added: “Hugo is proving that fintech startups will win the digital banking race in Southeast Asia by launching the first wealthcare app in Singapore. The founders have a long and deep history in the region with roots that trace back to the 1930s in Singapore. Hugo has the banking and regulatory experience required to protect customers and grow a sustainable business.”
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Image Credit: Hugo
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