Atome Financial, a leader in digital financial technology in Southeast Asia, has secured a significant debt facility from EvolutionX Debt Capital to fuel its expansion across the region. This strategic move aims to raise as much as US$100 million to enhance the company's profitable credit operations and product range.
Expansion of operations and introduction of new products
Located in Singapore and operating under the Advance Intelligence Group, Atome Financial plans to use the three-year term loan to expand its regional credit portfolio and introduce new financial products. These include savings accounts, various lending options, insurance, and the Atome Card. The rollout of these services is targeted at several Southeast Asian markets, including Singapore, Malaysia, the Philippines, and Indonesia.
Remarkable financial growth and strategic plans
Atome Financial includes the Atome Buy-Now-Pay-Later service and Kredit Pintar, a leading digital lending platform in Indonesia. The company showed significant growth in fiscal year 2023, with its operating income nearly doubling to US$170 million from the previous year. This growth was primarily driven by the success of its BNPL service, which experienced a 40% year-on-year increase in Gross Merchandise Value (GMV), reaching US$1.5 billion and a 130% growth in revenue.
This positive trend continued into FY2024, with Atome Financial becoming profitable in the first quarter. The company is supported by prominent investors, including SoftBank Vision Fund 2, Warburg Pincus, Northstar, and EDBI.
Jefferson Chen, Group co-founder and CEO of Advance Intelligence Group, expressed his enthusiasm about the company's achievements and future prospects. “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.”
