Advance Intelligence Group, a Singapore-headquartered AI-driven technology company, raised at least US$400 million from its Series D round financing thanks mainly to a consortium led by SoftBank Vision Fund 2 and Warburg Pincus.
Other key investors include Northstar, Vision Plus Capital, Gaorong Capital and Singapore-based global investor EDBI.
With a valuation of over $2 billion, AI Group is now one of the largest independent technology startups based in Singapore.
The group plans to use the new capital to fuel the growth of its BNPL and digital lending presence across Asia, deepen AI and big data analytics capabilities and enterprise client coverage, and grow its global talent pool.
In addition, AI Group looks to leverage its investors’ deep network, experience and expertise to maximise partnership and commercial opportunities.
”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,” said Jefferson Chen, CEO of AI Group.
“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 Chen.
Founded in 2016, AI Group has built an ecosystem of AI-powered, credit-enabled products and services, including BNPL platform Atome, SaaS big data analytics and enterprise solutions provider ADVANCE.AI, Indonesia’s top digital lending platform Kredit Pintar and omnichannel e-commerce merchant services platform Ginee.
AI Group employs 1,500 staff and currently operates in 12 markets across South and Southeast Asia, Greater China, and Latin America. Today, its enterprise and consumer business serve more than 800 enterprise clients, 100,000 merchants and 20 million consumers.
Greg Moon, managing partner at SoftBank Investment Advisers, said the group’s AI-first approach has enabled them to provide innovative solutions and develop new product avenues to create value.
“We believe the [AI] Group is well positioned to capture the tremendous growth opportunity in the region with its best-in-class product offerings and differentiated go-to-market strategy,” said Saurabh Agarwal, managing director of Warburg Pincus.