Atome Financial, a digital financial technology platform under the Advance Intelligence Group, has secured a three-year term loan facility from EvolutionX Debt Capital.
The facility includes an accordion feature that could increase the total loan amount to $100 million. This new funding will support Atome Financial’s expansion efforts in Southeast Asia and the introduction of new financial products.
The funding will enable Atome Financial to grow its regional credit portfolio and launch new services such as savings, lending, insurance, and the Atome Card (Pay Later Anywhere). These offerings will be rolled out in markets including Singapore, Malaysia, the Philippines, and Indonesia.
“This investment is our first fintech endeavor in the region, and we are excited to support Atome Financial as they expand access to mobile-first financial services in under-served markets,” said Rahul Shah, partner at EvolutionX.
Buy-Now-Pay-Later
Atome Financial is composed of two main entities: Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, a digital lending platform in Indonesia. The company reported robust financial performance for the fiscal year 2023, with operating income nearly doubling to $170 million. This growth was largely driven by the BNPL segment, which saw a 40% increase in Gross Merchandise Value (GMV) to $1.5 billion and a 130% rise in revenue year-on-year. These achievements were notable given the challenging economic environment and contraction in capital markets during the same period. The positive trend continued into 2024, with Atome Financial announcing profitability in the first quarter of the year.
Atome Financial’s parent company, Advance Intelligence Group, is headquartered in Singapore and has received backing from significant investors such as SoftBank Vision Fund 2, Warburg Pincus, Northstar, and EDBI, a Singapore-based global investor.
“Achieving profitability earlier this year was a significant milestone for Atome Financial,” said Jefferson Chen, group co-founder and CEO of Advance Intelligence Group. “Partnering with EvolutionX on this new facility underscores our operational excellence and the value of our platform. We are eager to accelerate our growth, expand regional partnerships with platforms like TikTok Shop and Lazada, and introduce new products across key markets in Southeast Asia.”