1982 Ventures backs Hugo, a Singapore-based digital wealth and savings app that helps Singaporeans develop healthy saving and investing habits. The Hugo app is now available in both Apple iOS and Google Play for iOS.
- Hugo raises $2 million (USD) in Seed round from 1982 Ventures and prominent family offices and angels
- Hugo’s Wealthcare App gives customers control over their financial well-being and access to flexible savings and investment products
- Hugo recently launched its Gold Vault which makes investing in gold easy and accessible to all, with increments as small as S$0.01
Hugo has secured funding of $2 million (USD) from 1982 Ventures, prominent global and Singaporean family offices and angels. Hugo helps users develop healthy saving and investing habits that make financial security accessible to everyone in an easy and intuitive way. Founded in late 2019 by David Fergusson (CEO), Ben Davies (COO) and Braham Djidjelli (CPO), Hugo is positioned as the first Wealthcare App in the region.
David Fergusson, Chief Executive Officer and Co-Founder, of Hugo 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.”
Hugo’s most unique feature is its Gold Vault and makes investing in gold easy for all. Hugo customers can buy or sell gold for as low as 0.01 SGD. Gold has always been a core investment for the ultra-wealthy and offers safety and wealth preservation in times of inflation and market turmoil. 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.
Herston Powers, Managing Partner, of 1982 Ventures said “Hugo is democratizing 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.”
Hugo is on a mission to help users save more. Hugo customers benefit from Hugo’s Gold Vault (gold investing), Roundup (auto savings), Money Pots (setting financial goals) and the Hugo Platinum Visa Debit Card.
Scott Krivokopich, Managing Partner, of 1982 Ventures stated, “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.”
Hugo will use the funds to continue to enhance its offering with new customer-driven products and services. Hugo is also exploring market expansion in several Southeast Asian geographies and outside the region with local partners.
About 1982 Ventures
1982 Ventures is a Singapore-based VC firm focused on investing in early-stage fintech start-ups in Southeast Asia, investing in and supporting the best founders in positively impacting the future of financial services in Southeast Asia. 1982 Ventures is the partner of choice for international investors, corporates and fintechs to gain access to Southeast Asia. Feel free to reach out for more info on www.1982.vc, and follow us on LinkedIn.
Hugo is a Singapore-based digital wealth and savings app that helps Singaporeans develop healthy saving and investing habits, ensuring financial wellbeing and providing access to gold to all. For more information visit www.hugosave.com.