Atome Financial has secured a three-year term loan facility to launch new products in the Philippines, Singapore, Malaysia, and Indonesia. EvolutionX Debt Capital is the initial lender of this new debt facility, which will be utilised to drive Atome’s growth, the fintech firm announced yesterday.
“The new facility will drive expansion of the company’s profitable regional credit portfolio and support the launch of new products such as savings, lending, insurance, and Atome Card (Pay Later Anywhere) in markets including Singapore, Malaysia, the Philippines, and Indonesia,”
Atome stated.
It added that it is working with investors to fully utilise the accordion feature of the facility, which can increase the total amount to up to US$100 million.
Atome Financial, a part of the Singapore-based Advance Intelligence Group, operates in the Philippines as a buy now, pay later (BNPL) firm. Advance Intelligence Group’s Chief Executive Officer and Co-Founder Jefferson Chen commented,
“This new facility recognises Atome Financial’s operational excellence and platform value as we look to accelerate the momentum of our digital financial services business, the expansion of regional strategic partnerships like TikTok Shop and Lazada as well as the launch of the new Atome Card, savings and lending products across key Southeast Asian markets.”
EvolutionX Partner Rahul Shah noted,
“The launch of innovative and fit-for-market solutions like the Atome Card (Pay Later Anywhere) and lending products demonstrates their ability to expand offerings while leveraging local market expertise.”
He added,
“This is our first fintech investment in Southeast Asia, and we’re excited to support Atome Financial in their ongoing journey to improve financial inclusion and access to mobile-first financial services in large under-served markets in Southeast Asia.”
Atome Financial reported that its operating income nearly doubled year on year to US$170 million in 2023, primarily driven by its BNPL business. The profitability of the BNPL business was a key factor, supported by a 40% year-on-year increase in gross merchandise volume to US$1.5 billion and a 130% year-on-year growth in revenue, despite 2023 being a period of capital market contraction and macroeconomic challenges. This positive momentum in 2023 led to Atome Financial becoming profitable in the first quarter.
