Fintech firm Atome Financial has secured a US$100 million debt facility from HSBC Singapore, which will support the company’s efforts to expand and strengthen its presence in Asia.
Photo credit: Atome
Founded in 2017, Atome Financial is an umbrella company made up of two brands – Atome and Indonesia’s Kredit Pintar.
Atome is a buy now, pay later platform that works with over 15,000 retail partners across 10 Asian markets, including retail giants such as Zara, Shein, Zalora, and Nike. Meanwhile, Kredit Pintar is a mobile-first lending service exclusive to Indonesia, and the company says that it has over 20 million downloads.
The umbrella firm is a subsidiary of Singaporean unicorn Advance Intelligence Group, which closed a US$400 million series D round in September 2021. This raised the group’s valuation to US$2 billion.
Meanwhile, Atome Financial last received US$45 million from its parent firm in July.
The BNPL market is currently struggling worldwide and it is set to lose US$5.2 billion in Asia Pacific by 2025. However, it seems that Southeast Asia remains undisturbed. Atome, as well as its fellow Southeast Asian players, have been meeting growth targets and seeing business go on as usual, while Western BNPL pioneer Klarna has seen nearly US$40 billion being wiped off its valuation.
See also: BNPL struggles amid global recession – except in Southeast Asia
Editing by Miguel Cordon and Lorenzo Kyle Subido
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