Warburg-backed Advance Intelligence raises US$80 million funding
By Manuel Baigorri
(Bloomberg) — Advance Intelligence Group, a financial technology firm based in Singapore, has raised $80 million in a round led by existing backers Warburg Pincus and Northstar Group.
The group, which owns buy now, pay later and digital lending platform Atome, has raised over $700 million in total, according to a press release. The current round follows its $400 million series D round in 2021 at a valuation of more than $2 billion, led by SoftBank Vision Fund II.
“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,” Jefferson Chen, co-founder and chief executive officer of Advance Intelligence, said in the release.
Founded in 2016, Advance Intelligence’s units include Atome as well as Advance.AI and Ginee, which offer enterprise digital identity, compliance and risk management services to financial services firms and retailers. The group serves over 40 million individual customers as well as more than 235,000 merchants and 500 enterprise clients, the press release shows.
The startup’s investors also include Chinese venture capital firms Vision Plus Capital, Gaorong Capital and Singapore’s EDBI Pte. Advance Intelligence was considering raising new funds and had preliminary discussions with advisers, Bloomberg News reported in March last year.
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