Singapore-based fintech firm Atome Financial has secured a US$200 million ($267.63 million) syndicated credit facility, led and arranged by Hongkong and Shanghai Banking Corporation (HSBC) through its Asean Growth Fund.
This new facility is also supported by DBS Bank, Sumitomo Mitsui Banking Corporation (SMBC) Singapore branch and Brunei’s Baiduri Bank.
The US$200 million credit facility will accelerate the expansion of Atome Financial’s regional portfolio and products, such as lending and the Atome (Pay Later Anywhere) Card, says the fintech in a Nov 20 release.
This new syndicated facility expands on Atome’s previous arrangement with HSBC in 2022, where it entered a US$100 million debt facility to “supercharge” its flexible deferred payments business across Asia.
Atome Financial announced in June that it had secured a three-year US$100 million debt facility from EvolutionX, a debt financing platform jointly set up by DBS and Temasek in 2021 to invest in Asia’s “next-generation technology leaders”.
Atome Financial’s 2023 operating income nearly doubled y-o-y to US$170 million from US$88 million. With gross merchandise volume of nearly US$1.5 billion processed in 2023, up 40% y-o-y, Atome’s buy-now-pay-later business also turned profitable thanks to a 130% surge in revenue.
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In the first quarter of 2024, Atome Financial turned ebitda positive.
Atome Financial is a subsidiary of Singaporean tech company Advance Intelligence Group, which is backed by investors SoftBank Vision Fund 2, Warburg Pincus, Northstar and Singapore-based global investor EDBI. In September 2021, the group closed a US$400 million series D financing round from the above-mentioned investors.
Atome Financial’s companies under its portfolio include Atome and Kredit Pintar, one of Indonesia’s largest digital lending platforms.
“We are pleased to deepen our support to lead this syndicated facility, along with other lenders. Through this support, Atome Financial will bring about greater financial inclusion by extending access to affordable and responsible personal finance solutions to more consumers from across Southeast Asia,” says Priya Kini, head of commercial banking, HSBC Singapore.
