Atome, a buy now pay later (BNPL) company from Singapore and part of Advance Intelligence Group, announced on Monday that it has received $75 million in funding from Lending Ark. This money will help Atome support more people in the Philippines to access financial services.
Atome said in a statement that this important funding from Lending Ark Asia, managed by CITIC Securities CLSA Capital Partners in Hong Kong, will help the company provide safer and more responsible credit options to people in the Philippines.
Lending Ark is a company in Asia that invests in loans backed by assets. So far, it has invested $1 billion in different places across the region.
The firm has created special investment products backed by real assets in countries like the Philippines, Hong Kong, South Korea, Australia/New Zealand, Indonesia, and Vietnam.
“Atome has cemented its position as a leading fintech player in Southeast Asia thanks to its unique strengths in credit risk management, responsible lending, and consumer empowerment,
“We’re excited to support Atome in the Philippines, a high-growth market with increasing demand for accessible, affordable credit and mobile-first financial solutions,” said Carol Lee Park, Managing Director of Lending Ark.
Andy Tan, Chief Commercial Officer at Atome, said that the Philippines is an important market for the company’s growth.
He also said this financing reflects the continued confidence in Atome’s ability to deliver inclusive, risk-managed credit at scale.
“Lending Ark also supports our business in Indonesia, and this latest expansion underscores the strength of our long-standing partnership,
“We’re grateful for their trust as we deepen our reach and empower more Filipinos with the tools to manage their finances responsibly,” he added.
In FY2024, Atome Financial—which includes Atome and Kredit Pintar as part of Advance Intelligence Group—made a profit for the whole year. This was because their revenue grew by 45% to $280 million, and their total sales (GMV) went up by 35% to $2.5 billion. They also improved profits by focusing on their best products and became more efficient by using advanced AI technology in customer service, debt collection, and sales.
Atome has grown beyond Buy Now, Pay Later (BNPL) and now provides insurance, savings, credit cards, and loan services.
The company is a market leader thanks to support from big financial partners like Standard Chartered, HSBC, Bank Jago, DBS Bank, SMBC, BlackRock, Evolution X Capital, InnoVen Capital, and others.
Atome is backed by Invested Asia Fund, a private credit fund managed by First Degree Global Asset Management. This fund, available to accredited investors, helps support Atome’s strong growth.
Atome is part of Advance Intelligence Group, based in Singapore. The group is supported by leading investors like SoftBank Vision Fund 2, Warburg Pincus, Northstar, and EDBI from Singapore.
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