BNPL firm Atome renews $100 M Debt facility from HSBC, plans Philippines expansion
Atome Financial, a buy-now, pay-later business, has extended the terms of its HSBC Singapore debt facility worth $100 million. The debt facility will support Atome’s growth in the Philippines and the introduction of fresh consumer finance options.
By continuing to have access to HSBC’s global network, regional presence, and banking capabilities, the decision supports Atome’s expansion plans.
For Atome’s services, which cater to unbanked and underbanked consumers, the Philippines is a crucial market. As of 2021, the Senate Economic Planning Office estimates that 34.3 million adult citizens will still lack access to a bank.
The company provides cash loans and its Atome Card, which is powered by Mastercard, in the Philippines in addition to its BNPL services. Additionally, Atome offers checkout services to both offline and online retailers.
BillEase and Home Credit are two additional BNPL suppliers in the nation. These players are competing for a piece of the lucrative installment payments market in the Philippines. The industry is anticipated to grow by more than two times from 2022 to 2028, reaching US $3.46 billion.
Atome recently left Vietnam while focusing more on the Philippines. Its contribution to the company’s overall business “was limited,” Atome stated in a previous statement to the media.
