Tag: Debt Facility

Singapore – Advance Intelligence Group’s digital financial technology platform Atome Financial has secured a three-year term loan facility from EvolutionX Debt Capital (EvolutionX) and is concurrently working with a syndicate of investors to fully utilise the accordion feature of the facility which can increase the total amount to up to US$100m.

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.

Rahul Shah, partner at EvolutionX, said: “We have been impressed by Atome Financial’s management team and support from long-term investors and partners, underpinned by strong focus on risk management and operational efficiency, which has resulted in sustainable and profitable business growth. The launch of innovative and fit-for-market solutions like the Atome Card (PayLater 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.”

Meanwhile, Jefferson Chen, group co-founder and CEO of Advance Intelligence Group, commented, “With Atome Financial having reached profitability earlier this year, we’re excited to partner EvolutionX for our next stage of growth. 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.” 

Atome Financial, which comprises Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, has recently posted impressive business performance for FY2023 with operating income nearly doubling to US$170m from the year before. A key factor was the profitability of its BNPL business, driven by a 40% year-on-year surge in GMV to US$1.5b and 130% y-o-y growth in revenue, despite FY2023 being a period of capital market contraction and macroeconomic headwinds.

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.”