Tag: Atome Financial

Philippines – Atome Financial, a digital financial technology platform under Advance Intelligence Group, has secured a US$80m credit facility to fuel its growth in Southeast Asia. The investment comes from a consortium of lenders, with a private credit fund managed by BlackRock and Innoven Capital adding to EvolutionX Debt Capital’s existing tranche.

The expanded funding reflects investor confidence in Atome Financial’s performance following its significant revenue increase in the previous fiscal year. The company also achieved operational efficiency through generative artificial intelligence.

Atome Financial operates the Atome Buy-Now-Pay-Later service and Kredit Pintar, an Indonesian digital lending platform.

Through the investment, Atome Financial is set to strengthen its business in 2025.

Atome Financial has previously partnered with HSBC for a US$200m credit facility, fuelling its initiatives for financial inclusion in the region.

Celia Yan, head of APAC private credit at BlackRock, said, “Southeast Asia is one of the fastest growing regions in the world where we see attractive private credit investment opportunities. Atome Financial has established itself as a leading fintech player in Southeast Asia, and we look forward to continuing to support their accelerated expansion.”

Yik Ley Chan, Southeast Asia private credit lead at BlackRock, commented, “Atome Financial has strategically positioned the business over the past few years and achieved a strong track record. We are pleased to be part of this investment and look forward to long-term collaboration with Atome Financial as their business embarks on the next phase of growth.”

“We are thrilled to partner with Atome Financial, one of the leading players in the industry, and look forward to building a strong and successful relationship. This collaboration underscores our unwavering commitment to supporting high-growth companies in the region,” Ben Cheah, partner at Innoven Capital SEA, said.

Andy Tan, chief commercial officer of Atome Financial, said, “We are incredibly excited and honoured to welcome BlackRock and InnoVen Capital as our new lending partners. Their participation is a testament to our continued operational excellence, market leadership and remarkable business momentum, which is expected to accelerate in 2025. This facility will help propel the growth of our expanded product suite, strategic partnerships and profitable regional portfolio to better serve the diverse financial needs of consumers across key Southeast Asia markets including Singapore, Malaysia, the Philippines and Indonesia.”

Singapore – Atome Financial has secured a syndicated credit facility of up to US$200m, led and arranged by Hong Kong and Shanghai Banking Corporation Limited (HSBC), to support its expansion and financial inclusion initiatives across Southeast Asia.

The facility will drive the expansion of Atome Financial’s profitable regional portfolio, including products like lending and the Atome (Pay Later Anywhere) Card, across key markets in SEA.

Atome’s facility is anchored by HSBC’s ASEAN Growth Fund, with additional support from DBS Bank Ltd., Sumitomo Mitsui Banking Corporation’s (SMBC) Singapore branch, and Brunei’s Baiduri Bank. This expands on Atome Financial’s existing relationship with HSBC while welcoming new partners DBS, SMBC, and Baiduri Bank.

“As a fast-growing startup with a rapidly growing and profitable business, we are deeply appreciative of this syndicated facility, which underscores the banking community’s trust and confidence in us,” said Andy Tan, chief commercial officer at Atome Financial. 

“We look forward to HSBC and our other partners continuing to support our capital needs and the launch of new and innovative personal finance products in key markets like Singapore, Malaysia, and the Philippines,” added Tan.

“We are pleased to deepen our support to lead this syndicated facility, along with other lenders. Through this support, Atome Financial will bring about greater financial inclusion by extending access to affordable and responsible personal finance solutions to more consumers from across Southeast Asia,” said Priya Kini, head of commercial banking at HSBC Singapore.

Atome Financial’s operating income nearly doubled to US$170m in FY2023, up from US$88m the previous year. Its GMV reached US$1.5b, a 40% increase, while the buy-now-pay-later business became profitable, driven by a 130% revenue surge.

In the first quarter of 2024, Atome Financial achieved another significant milestone by turning EBITDA positive.

Earlier in June, Atome Financial also secured a three-year term facility of up to US$100m from EvolutionX Debt Capital and other investors.

Singapore – Atome Financial has announced that it has renewed and expanded its partnership with HSBC Singapore to include the Philippine market to its US$100m debt facility. At the moment, Atome has disbursed more than US$4b in loans.

Atome Financial and HSBC Singapore entered into this partnership back in August 2022. It also had a previous US$500m financing facility partnership with Standard Chartered, which ended after 10 years in October 2021.

Andy Tan, head of funding at Atome Financial, said, “We’re excited to have the renewed support of HSBC, especially as it now includes the Philippines, a key strategic market for us in providing unbanked and underbanked consumers with easier, simpler, and more affordable access to digital-first consumer financing products.”

Meanwhile, Harish S Venkatesan, managing director and head of international subsidiary banking at HSBC Singapore, commented, “It pleases us to see innovative companies like Atome Financial lead the charge in driving Southeast Asia’s new economy growth. We are glad to play a role in supporting their ambition and remain committed to tap on HSBC’s global network, strong regional presence as well as suite of banking capabilities to support their expansion in the region.”