StanChart to pour $500m into Atome as part of strategic partnership

Standard Chartered and Atome Financial have forged a 10-year multi-product strategic partnership, with the global banking giant planning to pour US$500 million for the fintech firm’s growth as part of the deal.

The two companies will also jointly push financial services to reach more consumers across Asia.

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The partnership involves rolling out buy now, pay later (BNPL) services in Indonesia, Malaysia, Singapore, and Vietnam, as well as introducing digital lending products.

Atome Financial operates in both spaces with its BNPL platform Atome and lending platform Kredit Pintar. Its parent firm, Advance Intelligence Group, recently joined the unicorn club after a US$400 million Softbank co-led series D round put its valuation above US$2 billion.

“This partnership with Standard Chartered will allow us to expand our merchant network and help retailers increase their customer base and basket sizes, contributing to economic growth across the region,” said Jefferson Chen, co-founder of Advance Intelligence Group and CEO of Atome Financial.

Atome has recently partnered with companies in India and Malaysia to offer BNPL services in these markets. It is also one of the players that have gained traction in Singapore following a boom in the interest-free installment-based payment scheme.