Miguel Cordon · · 1 min readAtome renews $100m debt facility, eyes further expansion in the Philippines
Image credit: Atome
Atome Financial, a buy now, pay later company, has renewed its U$100 million debt facility from HSBC Singapore. The debt facility will help Atome expand in the Philippines and launch new consumer financing products.
The move bolsters Atome’s expansion plans by giving it continued access HSBC’s global network, regional presence, and banking capabilities.
The Philippines is a strategic market for Atome’s services, which target unbanked and underbanked consumers. According to the Senate Economic Planning Office, there are 34.3 million adults still unbanked in the country as of 2021.
In addition to its BNPL services, the firm offers cash loans and its Mastercard-powered Atome Card in the Philippines. Atome also provides check-out services for offline and online merchants.
Other BNPL providers in the country include BillEase and Home Credit. These players are fighting for a share of the Philippines’ thriving installment payments market. The sector is expected to hit US$3.46 billion in 2028, an over 2x growth compared to 2022.
While Atome is doubling down on the Philippines, it had recently exited Vietnam. Its contribution to the company’s overall business “was limited,” Atome said in a previous statement to Tech in Asia.
See also: Is fintech overrated? DBS, OCBC, UOB see record profit, seek reinvention amid uncertainty
Editing by Eileen C. Ang
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