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Atome Financial secures up to US$100 mil three-year growth debt facility

Felicia Tan
Felicia Tan • 2 min read
Atome Financial secures up to US$100 mil three-year growth debt facility
According to Atome, the facility will be used to expand its regional credit portfolio and support the launch of new products.
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Atome Financial announced, on June 25, that it has secured a three-year term loan facility from EvolutionX Debt Capital. Its business comprises Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, a leading Indonesian leading digital lending platform. The company is part of Singapore-headquartered Advance Intelligence Group.

It is also 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$100 million ($135.3 million). An accordion feature, or debt accordion, is also known as an incremental facility that allows the borrower to expand the maximum amount allowed on a line of credit or increase the revolving credit loan commitments.

According to Atome, the new facility will propel the growth of the company’s profitable regional credit portfolio and support the launch of new products such as savings, lending and insurance across its markets including Singapore, Malaysia, the Philippines and Indonesia.

In FY2023, Atome Financial posted an operating income of US$170 million, nearly double than FY2022’s operating income of US$88 million, due to its profitable BNPL business, higher gross merchandise value (GMV) and revenue surge. The company turned ebitda positive in 1QFY2024.

“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,” says Rahul Shah, partner at EvolutionX.

“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,” he adds.

See also: Loyalty platform startup raises US$2.6 mil in seed funding led by January Capital

“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,” says Jefferson Chen, group co-founder and CEO of Advance Intelligence Group.

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