Atome parent gets $80m boost from Warburg Pincus, Northstar

Photo credit: Atome

Singapore-based Advance Intelligence Group, a company that offers AI-backed financial products and services, has closed a new round that pushes its total funds raised to over US$700 million. It has also secured over US$1 billion to support its credit book.

Funding details

• Funding amount: $80,000,000
• Other investors: Warburg Pincus (华平投资), Northstar Group
• Stage: Series E
• Valuation: $2,000,000,000
• Source

Advance Intelligence Group is the company behind Atome, which offers buy now, pay later and digital lending products to consumers. It also operates risk management solutions provider Advance.AI, digital lending firm Kredit Pintar, and merchant services platform Ginee.

The group said that the new funding will help it use AI to improve consumer transactions and strengthen access to credit and financial products.

Advance Intelligence Group has over 500 enterprise clients, 235,000 merchants, and 40 million individual consumers across Asia Pacific. It has disbursed over US$4 billion in loans since its inception in 2016.

Its other investors include SoftBank Vision Fund 2, Vision Plus Capital, Gaorong Capital, and EDBI.

The new funding follows Atome winning approval from the Monetary Authority of Singapore to offer regulated payment services in the city-state. However, the company laid off employees in Indonesia last year, with “efficiency” being given as the official reason for the move.

See also: Atome cuts staff in Indonesia BNPL, P2P divisions

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