Advance Intelligence Group (AIG), a Singapore-based developer of payment fraud prevention technology, secured more than $400m in a series D round co-led by internet and telecommunications group SoftBank’s Vision Fund 2 today.
Private equity firm Warburg Pincus co-led the round, which was filled out by EDBI, Gaorong Capital, Northstar Group and Vision Plus Capital. It valued the company at more than $2bn.
AIG has developed artificial intelligence (AI)-enhanced financial products including buy now, pay later (BNPL) service Atome, data analytics software platform Advance.ai, digital lender Kredit Pintar and Ginee, which provides diversified services for e-commerce vendors.
The money will be used to ramp up the company’s BNPL and digital lending services across Asia, improve its AI and data analytics technologies, increase its enterprise customer bases and hire globally. AIG will access the investors’ network and expertise to build alliances and identify opportunities.
The company had closed an $80m series C round in early 2019 led by Gaorong Capital and Pavilion Capital and backed by Alpha Startups, Unicorn Venture, eGarden Ventures, GSR Ventures, Vision Plus Capital and ZhenFund.
The series C came in the wake of a $50m series B round the previous year featuring Vision Capital, GSR Ventures, ZhenFund, Farallon Capital Management, Provident Capital and Northstar.
Alpha Startups and ZhenFund had provided millions of yuan (RMB1m = $160,000) in funding soon after AIG was founded in June 2015, before the company received $6m in series A funding from GoldenSand Capital a month later.
