Fintech
Fintech Atome Financial Guarantees $100 Million Loan
Atome, the Asian buy-now-pay-later brand, has announced its entry into the Philippines, partnering with over 50 online and offline retailers across key shopping categories such as fashion, beauty, lifestyle, and home & furniture.
Atome Financial, a digital financial technology platform from Advance Intelligence Group, has secured a three-year term loan from EvolutionX Debt Capital.
The facility includes an accordion feature that could increase the total loan amount to $100 million. This new funding will support Atome Financial’s expansion efforts in Southeast Asia and the introduction of new financial products.
The financing will allow Atome Financial to expand its regional credit portfolio and launch new services such as savings, loans, insurance and Atome Card (Pay Later Anywhere). These offerings will roll out in markets including Singapore, Malaysia, the Philippines and Indonesia.
“This investment is our first fintech effort in the region and we are excited to support Atome Financial as it expands access to mobile-first financial services in underserved markets,” said Rahul Shah, partner at EvolutionX.
Buy now, pay later
Atome Financial is made up of two main entities: Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, a digital lending platform in Indonesia. The company reported strong financial performance for fiscal 2023, with operating income nearly doubling to $170 million. This growth was largely driven by the BNPL segment, which saw a 40% increase in Gross Merchandise Value (GMV) to $1.5 billion and a 130% increase in revenue year-over-year. These results were notable given the challenging economic environment and contraction in capital markets during the same period. The positive trend continued into 2024, with Atome Financial announcing profitability in the first quarter of the year.
Atome Financial’s parent company, Advance Intelligence Group, is based in Singapore and has received support from major investors such as SoftBank Vision Fund 2, Warburg Pincus, Northstar and EDBI, a global investor based in Singapore.
“Achieving profitability earlier this year was a significant milestone for Atome Financial,” said Jefferson Chen, group co-founder and CEO of Advance Intelligence Group. “Partnering with EvolutionX on this new facility highlights our operational excellence and the value of our platform. We are eager to accelerate our growth, expand regional partnerships with platforms such as TikTok Shop and Lazada, and introduce new products to key markets in Southeast Asia.”