Wednesday, 2024 April 17

Fintech developer Advance Intelligence Group raises USD 400 million, reaches USD 2 billion valuation

Singapore-based, AI-driven fintech firm Advance Intelligence Group landed USD 400 million in a Series D round led by SoftBank Vision Fund 2 and Warburg Pincus. Northstar, Vision Plus Capital, Gaorong Capital, and Singapore-based global investor EDBI also participated in the investment, bringing the company’s valuation to USD 2 billion and making it the newest unicorn in Southeast Asia.

Founded in 2016, Advance Intelligence Group operates several AI and fintech offerings, including the “buy now, pay later” platform Atome, Indonesian lender Kredit Pintar, SaaS big data analytics and enterprise solutions provider, and omnichannel e-commerce merchant platform Ginee. Advance Intelligence will use its new capital to boost growth for its BNPL and lending business across Asia, as well as to deepen its AI and big data analytics capabilities to serve more global enterprise clients.

The group currently operates in 12 markets across South and Southeast Asia, China, and Latin America. It has more than 1,500 employees worldwide. The firm serves 800 enterprise clients, 100,000 merchants, and 20 million consumers.

Southeast Asia’s tech ecosystem continues to mature, with a slew of companies hitting billion-dollar valuations in the past few months. In September, regional classifieds marketplace operator Carousell and Indonesian B2B payment gateway provider Xendit attained ten-figure valuations after closing funding rounds.

Read this: As “buy now, pay later” gains traction in Indonesia, banks are after a piece of the action

Khamila Mulia
Khamila Mulia
Khamila Mulia is a seasoned tech journalist of KrASIA based in Indonesia, covering the vibrant innovation ecosystem in Southeast Asia.

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