Advance Intelligence Group, a Singapore-based AI-driven technology company, has successfully raised over $400m in its Series D round of financing.
The funding round was led by SoftBank Vision Fund 2 and Warburg Pincus, with participation from key investors such as Northstar, Vision Plus Capital, Gaorong Capital, and Singapore-based global investor EDBI. The company has now reached a valuation of over $2bn, making it one of the largest independent technology startups in Singapore.
Established in 2016, Advance Intelligence Group has developed an ecosystem of AI-powered, credit-enabled products and services. This includes Asia’s leading BNPL platform Atome, SaaS big data analytics and enterprise solutions provider ADVANCE.AI, Indonesia’s top digital lending platform Kredit Pintar, and omnichannel ecommerce merchant services platform Ginee.
The company employs 1,500 staff and operates in 12 markets across South and Southeast Asia, Greater China, and Latin America. Its enterprise and consumer business currently serves over 800 enterprise clients, 100,000 merchants, and 20 million consumers.
Advance Intelligence Group plans to use the new capital to expand its BNPL and digital lending presence across Asia, deepen its AI and big data analytics capabilities, grow its enterprise client coverage, and bolster its global talent pool. Additionally, the company aims to leverage its investors’ deep network, experience, and expertise to maximise partnership and commercial opportunities.
Advance Intelligence Group CEO Jefferson Chen said, “We reached a significant milestone today, made possible by our clients, customers, partners, investors, and colleagues who believe in the transformative ability of AI to power tomorrow’s digital economy. At the heart of our vision is an AI-powered and credit-enabled marketplace ecosystem driving both digital commerce and digital financial services across Asia. 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.”
Credit Suisse acted as the exclusive placement agent for Advance Intelligence Group.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global