The Singapore-based fraud detection startup Advance.ai has closed a $80m funding round led by private equity investor Pavilion Capital and venture firm Gaorong Capital.
The company uses data to reduce the risk of fraud and to improve operational efficiencies. It is predominantly angled towards helping the FinTech and banking sector.
“We can only grow if our customers grow,” Jefferson Chen, co-founder and CEO of Advance.ai, told Tech In Asia. “We strive to invest more heavily into the R&D and innovations in the coming years to better serve our customers’ need and grow together with them,” said
Advance.ai is also actively supporting Singapore’s vision of becoming the Asian leader in FinTech and artificial intelligence.
The country’s ability to realize these aspirations are evident in the amount of investment the local FinTech sector has attracted over the past few years. Since 2014, Singapore’s FinTech companies have raised over $4.4bn across 283 transactions, according to FinTech Global’s data.
And in the first six months of 2019, the country overtook China as the biggest recipient of FinTech investment for the first time in the past six years. So far, Singapore’s FinTech businesses have seen $1.62bn invested into them in 2019. Chinese FinTech enterprises have attracted a $1.4bn in the same time.
Chinese Gaorong Capital was previously known as Banyan Capital. The VC firm collected a $450m fund to invest in promising businesses in November 2018.
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