Singapore-based fintech firm Atome Financial acquires Indonesian financing startup

Atome Financial, the parent company of “buy now, pay later” (BNPL) firm Atome based in Singapore, said it has completed its acquisition of financing startup Mega Finadana Finance in Indonesia. This will allow Atome to expand its business in Indonesia through consumer financing.

Following the acquisition, Mega Finadana Finance had changed its name to Atome Finance Indonesia. Financial details of the deal, however, were not disclosed.

Atome Financial Indonesia CEO Wawan Salum / Photo credit: Atome Financial

Founded in 2017, Atome Financial consists of two main business lines: Atome and Kredit Pintar. While Atome partners with merchants to offer installment payment options, Kredit Pintar is a digital lending app in Indonesia licensed by the Financial Services Authority (OJK).

“The acquisition of this licence is testament to our commitment to growing our Indonesia business, and will allow us to better serve our partners and consumers through a range of tailored financing and lending options,” said Wawan Salum, CEO of Atome Financial Indonesia.

Atome’s services are also available in Singapore, Malaysia, Hong Kong, Thailand, Vietnam, and mainland China.

Since its establishment, Atome says it has partnered with several financial institutions globally to provide over US$200 million in funding and credit facilities. It also claims to have served over 5 million users and provided over US$1 billion of credit for both merchants and consumers.

According to a recent Tech in Asia report, Atome leads the Southeast Asia’s BNPL race with its presence in five markets in the region. However, competitors such Hoolah and Pine Lab are planning to operate in six.

Correction (March 31, 2021 22:10pm SGT): The article had earlier incorrectly mentioned that Atome Financial’s BNPL arm had acquired Mega Finadana Finance.