Advance Intelligence Group, a Singapore-based AI-driven technology company possessing an ecosystem of buy-now-pay-later (BNPL), digital lending, and omnichannel e-commerce products and services, announced today it has secured more than US$400 million in a Series D funding round co-led by SoftBank Vision Fund 2 and Warburg Pincus.
Existing investors including Vision Plus Capital, Gaorong Capital, EDBI, and new investor Northstar, also participated in this round.
The new investment will be utilised to expand the Group’s BNPL platform and digital lending presence across Asia. Besides, the company aims to deepen its AI and big data analytics capabilities and enterprise client coverage, and to grow its global 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.
Also read: Kredivo scores US$100M more in debt funding to further grow its BNPL platform
Launched in 2016, Advance Intelligence Group is an AI and big data company helping businesses with digital transformation, fraud prevention, and process automation. It builds an ecosystem of AI-powered, credit-enabled products and services for consumers, businesses, and merchants by using innovative technology and partnerships across Asia.
The company’s ecosystem includes BNPL platform Atome, SaaS big data analytics and enterprise solution provider ADVANCE.AI, Indonesian digital lending platform Kredit Pintar, and omnichannel e-commerce merchant services platform Ginee.
The company has a team of 1,500 staff spreading across 12 regions in South and Southeast Asia, China, and Latin America. It claims to have served over 800 commercial clients, 100,000 retailers, and 20 million consumers through its enterprise and consumer businesses.
As stated by Saurabh Agarwal, managing director of Warburg Pincus, Asia represents one of the world’s largest and fastest expanding digital marketplaces with a highly connected middle-class population that is increasingly seeking reliable and flexible solutions to meet their unmet credit demands.
According to the World Economic Forum, by 2030, there will be 3.5 billion Asians in the middle class, accounting for two-thirds of the global middle-class population. International Monetary Fund’s 2018 report also underlined that Asia is leading the charge in terms of digitalisation on nearly all fronts.
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Image credit: Advance Intelligence Group
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