Singapore-based Advance Intelligence Group raised $400 M in Series D funding round
Advance Intelligence Group, Singapore-based AI-driven technology business with a buy-now-pay-later (BNPL), digital lending, and omnichannel e-commerce ecosystem, said today that it has raised over $400 million in a Series D investment round led by SoftBank Vision Fund 2 and Warburg Pincus.
This round was also supported by existing investors such as Vision Plus Capital, Gaorong Capital, EDBI, and newcomer Northstar.
The funds will be used to grow the Group’s BNPL platform and digital lending footprint in Asia. In addition, the firm wants to expand its AI and big data analytics capabilities, as well as its enterprise customer base and talent pool.
“The new financing will also accelerate the digital transformation of enterprises and merchants, big and small while enabling more equitable access to credit and financial inclusion for both underbanked and underserved consumers and businesses,” said Jefferson Chen, co-founder, group chairman, and CEO of Advance Intelligence Group.
Advance Intelligence Group, founded in 2016, is an AI and big data firm that assists organisations with digital transformation, fraud protection, and process automation. It uses innovative technologies and relationships across Asia to create an ecosystem of AI-powered, credit-enabled goods and services for consumers, companies, and merchants.
Atome, a BNPL platform, as well as SaaS big data analytics and enterprise solution provider ADVANCE, are all part of the company’s ecosystem.
Ginee, an omnichannel e-commerce merchant services platform, and Kredit Pintar, an Indonesian digital lending platform.
The firm employs 1,500 people in 12 locations spanning South and Southeast Asia, China, and Latin America. Through its enterprise and consumer operations, it claims to have serviced over 800 commercial clients, 100,000 merchants, and 20 million consumers.
According to Saurabh Agarwal, managing director of Warburg Pincus, Asia is one of the world’s largest and fastest-growing digital markets, with a highly connected middle-class population seeking more trustworthy and flexible lending options.
The World Economic Forum estimates that by 2030, 3.5 billion Asians will be in the middle class, accounting for two-thirds of the global middle-class population. Asia is also leading the pace in terms of digitalization on virtually all fronts, according to the International Monetary Fund’s 2018 report.
