ADVANCE.AI, a homegrown AI and big data company in Asia helping to solve digital transformation, fraud prevention, and process automation for enterprise clients, is today formally announcing its corporate parent brand Advance Intelligence Group. Backed by a number of leading investors including Temasek subsidiary Pavilion Capital and several top tier venture funds the Series-C AI-driven technology company has raised over US$100 million in equity and leverages innovative technology and partnerships to build an ecosystem of products and services serving consumers, enterprises, and merchants. Headquartered in Singapore, Advance Intelligence Group operates across Southeast Asia, India and Greater China and consists of two main business lines.
The group’s enterprise business, ADVANCE.AI provides AI-based (digital identity verification, video eKYC) and risk products (alternative credit scoring, anti-fraud and anti-identity theft) to key focus sectors include banking and financial services, retail, and e-commerce industries. ADVANCE.AI’s API call volume for its cloud-based software more than doubled last year to reach almost 800 million as digitalisation across the financial services and retail sectors accelerated due to COVID19. Last year, it was also named in LinkedIn Top 10 Start-ups in Singapore, awarded “Best International Fintech” at India’s Fintech Awards and listed in the “Next Global Tech 50: Artificial Intelligence” shortlist by global investment research firm Equal Ocean. In 2021, ADVANCE.AI’s expansion plans include serving the UK, European and Latin American markets with growing demand for cloud-based eKYC identity verification and broader AI-based anti-fraud solutions.
Meanwhile, its cloud-based enterprise resource planning (ERP) software and omni-channel management platform, Genie, has also grown to support more than 30,000 SMEs and processed nearly 30 million e-commerce orders in less than a year, integrating with all major e-commerce platforms in Indonesia.
Its consumer business, Atome Financial, provides ‘buy now pay later’ and digital lending services under its Atome and Kredit Pintar brands. Atome Financial works with some of the world’s most respected financial institutions who provide over $200 million in funding and credit facilities to propel its mission to enhance product access and financial inclusion across the region. Since inception, it has served over 5 million users in the region and cumulatively provided more than USD 1 billion of credit to empower merchants and consumers.
Atome, Asia’s leading buy now pay later platform, partners with over 2,000 retail brands including Agoda, Sephora, Zara, Pull&Bear, Aldo, Furla and Marks & Spencer in six markets. Meanwhile, Kredit Pintar is one of Indonesia’s top digital lending apps, having been downloaded over 10 million times with 1.5 million customer reviews on the Google Play store and has an average 4.8-star rating out of 5.
Jefferson Chen, Co-Founder and Chairman of Advance Intelligence Group, said: “After four years of rapid growth, we are introducing our Advance Intelligence Group as our parent brand to better reflect the breadth and depth of products that we offer. Covid-19 was a test of our technology, adaptability and leadership strength. We are on the fast track of global expansion against the backdrop of rapid digitalisation across the industries and partners we serve. Being customer- and data-centric are key pillars of our company philosophy. We strive to continue our journey of “advance with intelligence for a better life” under this new group umbrella”.