Heaptalk, Jakarta — Southeast Asia’s fintech and Advance Intelligence Group subsidiary, Atome Financial, has gained a three-year term loan facility of up to US$100 million from Evolution Debt Capital (EvaluationX), a debt financing platform of DBS and Temasek with US$500 million assets under management.
According to the company, Atome utilized the accordion feature to access this funding. As is known, this feature allows companies to increase the total amount of their loan facilities up to US$100 million with the help of investor partners, allowing them to raise more capital when needed to expand their business and launch new products.
This new fund will expand the company’s profitable regional credit portfolio and support the launch of new products such as savings, lending, insurance, and Atome Card in several markets, such as Singapore, Malaysia, Indonesia, and the Philippines.
Atome operates two fintech lines in Indonesia: the Atome pay later application and the KreditPintar cash loan fintech platform. This fintech also owns the Atome Card, a co-branded Visa debit card issued by Bank Jago.
“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. This is our first fintech investment in Southeast Asia, and we are excited to back Atome in their journey to improve financial inclusion and access to mobile-first financial services in large under-served markets in SEA,” Partner of EvolutionX Rahul Shah said.
Previously, Atome Financial, comprising Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, posted impressive business performance for FY2023, with operating income nearly doubling to US$170 million from the previous year. A key factor was the profitability of its BNPL business, driven by a 40% YoY surge in GMV to US$1.5 billion and a 130% YoY enhancement in revenue despite FY2023 being a period of capital market contraction and macroeconomic headwinds. The positive momentum carried into FY2024, with the announcement in April that the company had turned profitable in Q1 2024.
Responding to the funding facility, Group Co-Founder of Advance Intelligence Group, Jefferson Chen, said, “This new facility recognizes the company’s operational excellence and platform value as we look to expedite the momentum of our digital financial services business, the expansion of regional strategic partnership like TikTok Shop and Lazada, as well as the launch of the new Atome Card, savings and lending products across key SEA markets,”
