According to Alternatives.pe, Atome has obtained US $31 million from its parent company Advance Intelligence Group.
The fintech company, which has its headquarters in Singapore, serves customers in Southeast Asia and Greater China by allowing them to split their bills into three equal payments at no interest.
According to the media, Atome had previously raised a total of about US $170 million in funding. This includes the US $70 million in two rounds of funding that Advance Intelligence Group provided to the business in 2022.
The buy-now, pay-later platform renewed its US $100 million debt facility from HSBC Singapore a few months ago, and the latest capital infusion comes to support Atome’s expansion in the Philippines. The company merged with TikTok Shop in Malaysia earlier in 2023, allowing customers to spread out the payment of their purchases over three or six months.
But Atome has recently made some cuts, such as leaving Vietnam and eliminating jobs in Indonesia.
The company’s revenue in 2021 was US $192.6 million, more than doubling that of 2020. However, details regarding the company’s 2022 and 2023 revenue are scarce.
Its 2021 revenue growth was largely attributed to Kredit Pintar, an Indonesian peer-to-peer lender that Atome had purchased in 2020.
