6Estates, an AI-powered document processing solution, has reportedly raised $6.2m in its Series B+ funding round.
The deal was led by Sinar Mas Group, with commitments also coming from Djarum Group and Central Capital Ventura, according to a report from Tech in Asia.
With this capital, the company plans to enhance its intelligent document processing (IDP) solution to better serve companies in banking, finance, trade, insurance, shipping and logistics.
Based in Singapore, 6Estates leverages natural language processes and machine reading to understand business documents. Its AI is able to automate and simplify operational processes and help with regulatory compliance.
Its IDP can support digitalisation, information extraction, metrics analysis, compliance rules checks, report generation and more.
The FinTech company is currently working with conglomerates in Southeast Asia to supply them with risk scoring, fraud detection, customer analytics and cross-selling capabilities.
Singapore has a bustling FinTech sector. Total funding reached a new record in the country last year, hitting $3.4bn in 207 transactions. This is a significant jump from last year, where just $900m was deployed through 11 deals.