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HomeSingapore Singapore Based Atome Raises Undisclosed Debt Funding

[FUNDING NEWS] Singapore Based Atome Raises Undisclosed Debt Funding

A three-year term loan facility has been obtained by Atome Financial, a buy-now-pay-later company established in Singapore that focuses on unbanked and underbanked consumers in Southeast Asia, from EvolutionX Debt Capital.

A three-year term loan facility has been obtained by Atome Financial, a buy-now-pay-later company established in Singapore that focuses on unbanked and underbanked consumers in Southeast Asia, from EvolutionX Debt Capital.

Concurrently, the fintech business is collaborating with a syndicate of investors to augment the entire sum to a maximum of US$100 million.

Read also – India-Based Bluestone Secures $12 Million Debt Funding

The additional funds will be utilized to help the company introduce new products in Singapore, Malaysia, the Philippines, and Indonesia, including savings accounts, loans, insurance, and Atome Cards (Pay Later Anywhere).

Running both Kredit Pintar, a lending platform, and Atome, an embedded finance platform and supplier of digital financial services including cards, insurance, and lending, is Atome Financial.

It is supported by SoftBank Vision Fund 2, Warburg Pincus, Northstar, and EDBI. Advance Intelligence Group is based in Singapore.

According to it, its operating income in FY2023 nearly doubled to US$170 million from the previous year. The company credits this to the profitability of its business net present value division, which saw a 40% year-over-year increase in GMV to US$1.5 billion and a 130% year-over-year spike in revenue.

Read also – HongKong-Based Gaw Capital Partners with GreenFort

It stated in August 2023 that it will be extending its US$100 million debt facility with HSBC Singapore in order to broaden its offerings in the Philippine market and create additional consumer finance products.

In August 2023, Atome Financial announced that it will be extending its US$100 million financing facility with HSBC Singapore. The purpose of this move is to enable Atome Financial to expand its product offerings in the Philippine market and develop new consumer finance products.

About Atome

Atome is owned by Advance Intelligence Group, a renowned Asian independent financial services technology startup. Softbank Vision Fund 2, Warburg Pincus, Northstar Group, Standard Chartered Bank, and Singapore-based EDBI have invested over USD 700 million and secured over USD 1 billion for its credit book.

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