In September, Singapore-based Advance Intelligence Group announced it had closed a US$400 million Series D Series D The Business Times Advance Intelligence Group bags more than US$400m in Series D round led by Softbank Vision Fund 2, Warburg Pincus Read more funding round. Led by Softbank Vision Fund 2 and Warburg Pincus, it saw the artificial intelligence (AI) company’s valuation spike to US$2 billion. This represents a 5X increase from the US$400 million it was valued at during its last fundraise in 2019.
Show me the money
The B2C engine behind Advance Intelligence Group’s US$2bn valuation
The Singapore-based artificial intelligence company’s recent US$400 million Series D round catapulted it to unicorn status. A look under the hood, though, shows its valuation likely does not come from its flagship enterprise solution Advance.ai but its fast-growing consumer lending businesses
Advance Intelligence Group was built on the strength of its AI capabilities, which include fraud detection and credit-scoring services for banks and financial institutions
However, it wasn’t until the company started B2C services through digital lending app Kredit Pintar and BNPL service Atome that the value of the business skyrocketed
For one, Atome’s growth has been exponential, partnering with over 5,000 online and offline retailers, growing its team to 600 employees, and expanding to nine markets in Asia within two years
Advance Intelligence Group is betting big on Atome and investors are expecting the BNPL business to deliver on the Group’s US$2 billion valuation