Singapore-based AI-driven technology company Advance Intelligence Group has raised US$80 million ($106.68 million) from an investor consortium led by existing investors Warburg Pincus and Northstar Group, it announced on May 3.
Headquartered in Singapore and operating across Asia, the group’s ecosystem of AI-powered, credit-enabled products and services include “buy now, pay later” platform Atome; Indonesian digital lending platform Kredit Pintar; ADVANCE.AI, a leading software-as-a-service (SaaS) provider of enterprise digital identity, compliance and risk management solutions; and omnichannel ecommerce merchant services platform Ginee.
The fundraising follows the group’s previous Series D round of over US$400 million in 2021. In total, the group has raised over US$700 million and has secured capital in excess of US$1 billion supporting its credit book. The group also counts Standard Chartered Bank as a regional strategic partner.
Founded in 2016, the group now serves over 500 enterprise clients, 235,000 merchants and 40 million individual consumers. The group says it has disbursed over US$4 billion in loans.
Jefferson Chen, co-founder, group chairman and CEO of Advance Intelligence Group, says: “Since our previous raise in 2021, we have taken a disciplined approach and made good progress in fulfilling our vision of advancing tomorrow’s digital ecosystem across the region. This new investment will help accelerate our program of using AI technology to streamline consumer transactions and enable greater and fairer access to credit and financial products and services. We appreciate our investors’ continued faith and confidence in us.”
Saurabh Agarwal, partner and managing director, Warburg Pincus, says: “Advance Intelligence Group and its leadership team continue to execute on their vision of advancing the digital ecosystem in the region. Southeast Asia remains one of the fastest growing digital markets globally with a 680 million population, the majority of whom still lack affordable and equitable access to credit. We look forward to continuing our partnership with Jefferson and helping the company deliver its commitment to millions of customers across the region.”
See also: Atome races ahead across Asia
Patrick Walujo, co-founder and managing partner of Northstar Group, says: “We are delighted to continue our partnership with Jefferson and his team to grow Advance Intelligence Group into Asia’s leading AI-powered digital financial services company. Since 2016, we have witnessed tremendous growth and evolution of their ecosystem and are proud to have the group as one of our portfolio companies.”
