Atome raises $31m from parent firm Advance Intelligence Group

Photo credit: Atome

Atome has secured US$31 million from its parent firm Advance Intelligence Group, according to Alternatives.pe.

In a statement to Tech in Asia, Atome said the capital is a result of internal conversion of shares between the group and its business units.

This comes as the Singapore-headquartered buy now, pay later platform continues to diversify its products to include insurance, cards, and investments.

Atome operates across Southeast Asia and Greater China, offering customers the option to divide their bills into three equal payments at a 0% interest rate. Selected merchants in Singapore and Malaysia are also offered 6-month and 12-month payment options.

“In the Philippines, we have seen a very strong uptake of our Atome Card as well as loans product,” the company said.

Previously, Atome had raised around US$170 million in total funding, according to Tech in Asia data. This includes the US$70 million Advance Intelligence Group injected into the company across two rounds in 2022.

The latest capital also comes just months after the fintech company renewed its U$100 million debt facility from HSBC Singapore to help Atome expand in the Philippines. Earlier in 2023, the firm partnered with TikTok Shop in Malaysia, enabling consumers to defer payments over three or six months for their purchases.

However, Atome has taken some downsizing measures recently, including job cuts in Indonesia and its exit from Vietnam.

Nevertheless, the company is looking for 70 key roles across Southeast Asia, mainly Indonesia, Singapore, Malaysia, and the Philippines.

While the company generated US$192.6 million in revenue in 2021 – which more than doubled from 2020 – there is not much information on its 2022 and 2023 numbers.

A significant part of its 2021 revenue growth was linked to Kredit Pintar, an Indonesian peer-to-peer lender Atome launched in 2017. Together, Atome and Kredit Pintar form Atome Financial, which counts Standard Chartered as a strategic investor and financing partner.

See also: Atome’s 2021 profits nearly triple as revenue sources shift