Parent Atome Raises Funding of 1,1 Trillion Rupiah from Warburg Pincus and Northstar

Atome and Smart Credit parent, Advance Intelligence Group, announced a funding round of $80 million (over 1,1 trillion Rupiah). The round that entered in series D was led by former investors, namely Warburg Pincus and Northstar Group.

The fundraiser follows the group's previous Series D run of over $400 million in 2021. In total, the group has raised over $700 million. The line of investors comes from SoftBank Vision Fund 2, Vision Plus Capital, Gaorong Capital, EDBI, and many more.

In his official statement, Co-Founder, Group Chairman and CEO of Advance Intelligence Group Jefferson Chen said, since the last raise in 2021, we have taken a disciplined approach and made good progress towards fulfilling our vision of advancing the future digital ecosystem across the region.

"This new investment will help accelerate our program of using AI technology to streamline consumer transactions and enable greater and fairer access to credit and financial products and services. We value our investors' continued confidence and trust in us," said Chen.

Partner and Managing Director of Warburg Pincus Saurabh Agarwal expressed his response. He said, "[..] we look forward to continuing our partnership with Jefferson and helping the company deliver on its commitment to millions of customers across the region."

Co-Founder and Managing Partner of Northstar Group Patrick Walujo added that his party is very enthusiastic about continuing its partnership with Jefferson. According to him, since 2016, he has witnessed the extraordinary growth and evolution of the group's ecosystem and is proud to have it as one of its portfolio companies.

"We are pleased to continue our partnership with Jefferson and his team to grow Advance Intelligence Group into Asia's leading AI-powered digital financial services company," said Patrick.

Advance Intelligence Group, which is based in Singapore and operates throughout Asia, has three types of products, namely Atome Financial, a SaaS platform for corporate digital identity Advance.AI, and omnichannel e-commerce Ginee.

Meanwhile, Atome Financial has three products under it, namely Atome (paylater), Smart Credit, and ND Finance, which offers online loan services. The three of them are claimed to have more than 20 million consumers spread across 10 Asian countries with usage spread across the categories of fashion, beauty, lifestyle, electronics, travel and household appliances.

Meanwhile, Ginee is platform omnichannel who use the system all-in-one for e-commerce and can help business actors in managing their online stores, from managing stock, products, orders, to communicating with customers from every marketplace or E-commerce which is already owned through one Ginee platform.

According to its website, Ginee has collected more than $6,1 billion in GMV and processed more than 685 million orders from 200 thousand merchant active which has 269 thousand active stores. Its users are spread across Indonesia, the Philippines, Thailand, Vietnam, Malaysia and China.

Meanwhile, Advance.ai has only entered Indonesia since 2020, along with a number of other countries, such as Singapore, China, India, Vietnam and the Philippines. One of its products, e-KYC enables the process customers can finish quickly and safely in just 60 seconds.

The majority of users come from financial and technology institutions. In Indonesia alone, some of them are Bank Jago, Bank BTPN, Tokopedia, MNC Bank, Bank Mega, Standard Chartered, Gojek, Nanovest, and Allo Bank.

Industry paylater

Previously quoted from Seconds, data from the Association of Indonesian Financing Companies (APPI) shows financing figures from paylater in the multi-finance industry it will reach IDR 4,2 trillion by September 2022. This figure is almost touching the financing achievement paylater in 2020 amounting to IDR 4,47 trillion.

This increase was reinforced by a number of finance companies providing services paylater as a payment option. One of them is Atome. It is claimed that throughout last year, Atome recorded transaction growth of up to 360 times with GMV income 420 times more than in 2020.

"We got this figure from the total financing that has been provided to Atome users, where 70% of the majority come from Java and Bali. This figure is a driving force for us to be able to expand services paylater so that it can be enjoyed by a wider community," said the General Manager of Atome Indonesia Winardi Wijaya.

Another achievement, claimed by Atome, was success in recording growth of 9.600% with more than 5 million application downloads in Indonesia. As many as 54% of users come from a young age with a female percentage of 70%. Then, it was found that more than 95% of users took the installment payment tenor option of 3 and 6 months.

"To date, we have partnered with at least 700 merchant and more than 10.000 offline stores in Indonesia. Several big brands have joined the Atome ecosystem, such as MAP Group, H&M, Matahari Department Store, Giordano Group, Sociolla, Gold Gym, Kanmo Group and many more. "We are still continuing to expand this ecosystem so that in the future, users can easily access all their needs with the Atome paylater payment option," said Winardi.

Quoting from Xendit internal data, digital payment trends in Indonesia to describe the frequency of use of Xendit Group services by merchant. One of the findings is paylater record tenfold growth throughout 2022.

Use of payment facilities paylater sConsumers are increasingly in demand, as evidenced by payment volume which has increased up to 10 times, followed by credit cards (6 times), electronic money (5 times) compared to the previous year.