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SINGAPORE, 3 May 2023 – Advance Intelligence Group (“the Group”), a Singapore-based AI-driven technology company today announced it has raised USD 80 million from an investor consortium led by existing investors Warburg Pincus and Northstar Group.
The fundraising follows the Group’s previous Series D round of over USD 400 million in 2021. In total, the Group has raised over USD 700 million and has secured committed capital in excess of USD 1 billion supporting its credit book. The Group also counts Standard Chartered Bank as a trusted regional strategic partner underpinned by strong regional product and funding collaborations.
Headquartered in Singapore and operating across Asia, the Group is one of the largest independent financial services-focussed technology startups in Asia. Founded in 2016, the Group has built an ecosystem of AI-powered, credit-enabled products and services, including buy now pay later platform Atome, Indonesia’s top digital lending platform Kredit Pintar, leading SaaS provider of enterprise digital identity, compliance and risk management solutions ADVANCE.AI, and omnichannel ecommerce merchant services platform Ginee.
Today, the Group serves over 500 enterprise clients, 235,000 merchants and 40 million individual consumers. Since inception, it has disbursed over USD 4 billion in loans. In the consumer space, Atome continues to consolidate its regional leadership by offering greater financial flexibility to its consumers and providing value-add services to its vast network of merchants. In the enterprise space, ADVANCE.AI is evolving into a world-class end-to-end risk management platform.
Jefferson Chen, Co-Founder, Group Chairman and CEO of Advance Intelligence Group, said: “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, said: “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.”
Patrick Walujo, Co-Founder and Managing Partner of Northstar Group, said: “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.”
About Advance Intelligence Group
Advance Intelligence Group is an AI-driven technology company in Asia-Pacific. Founded in 2016, it leverages innovative technology and partnerships to build an ecosystem of products and services serving consumers, enterprises and merchants. Its enterprise business, ADVANCE.AI and Ginee, provide enterprise digital identity, compliance and risk management solutions and omni-channel merchant services solutions to banks, financial services, fintech, retail and ecommerce industries. Its consumer business, Atome Financial, provides buy now pay later (BNPL) and digital lending products in both developed and emerging markets. Headquartered in Singapore and operating across Asia, the Group is backed by top tier investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, Vision Plus Capital, Gaorong Capital and Singapore-based global investor EDBI. Early investors include GSR, Pavilion Capital, eGarden Ventures, Unicorn Capital Partners, Provident Growth and others.
Michael de Waal-Montgomery
Ellerton & Co. Public Relations