The funding would bestow unicorn status on the Singaporean biometric fraud prevention provider as a startup with a billion-dollar valuation, according to a Reuters report. The funding round is yet to close, but the report names Warburg Pincus as the lead investor. The company completed an USD 80 million Series C funding round in 2019, and Reuters’ unnamed source said the current round will more than double its valuation.
Advance.AI currently has more than 1,000 clients in banking, ecommerce, fintech, and retail, and the company is expanding from its core customer base in Southeast Asia and India to new markets including Mexico. Its bid as part of a consortium for a wholesale digital banking license in Singapore was rejected in 2020. Advance.AI has also selected Dow Jones as a partner to integrate the latter’s anti-money laundering (AML) and compliance data with the former’s biometric identity verification and risk scoring.
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