To promote financial inclusion in Southeast Asia, Atome Financial secured $200 M worth syndicated facility
Hongkong and Shanghai Banking Corporation Limited (HSBC) is leading and arranging a $200 million syndicated credit facility that has been secured by Atome Financial, a digital financial services platform in Southeast Asia.
The Singapore-based fintech company said in a statement on Wednesday that HSBC, through its ASEAN Growth Fund, is the anchor of the new facility, with support from DBS Bank Ltd., the Singapore branch of Sumitomo Mitsui Banking Corporation (SMBC), and Baiduri Bank of Brunei.
In important Southeast Asian markets, the facility will hasten the growth of Atome Financial’s lucrative regional portfolio and offerings, including lending and the Atome (Pay Later Anywhere) Card.
“As a fast-growing startup with a rapidly growing and profitable business, we are deeply appreciative of this syndicated facility, which underscores the banking community’s trust and confidence in us,” said Andy Tan, Chief Commercial Officer at Atome Financial.
“We look forward to HSBC, and our other partners, continuing to support our capital needs and launch of new and innovative personal finance products in key markets like Singapore, Malaysia and the Philippines,” he said.
“Through this support, Atome Financial will bring about greater financial inclusion by extending access to affordable and responsible personal finance solutions to more consumers from across Southeast Asia,” said Priya Kini, Head of Commercial Banking, HSBC Singapore.
Compared to FY2023’s $88 million operating income, Atome Financial’s operating income nearly doubled to $170 million. Atome’s buy-now-pay-later business also became profitable in 2023, with a 130 percent increase in revenue and a GMV (gross merchandise volume) of almost $1.5 billion processed, a 40 percent increase from the previous year.
Atome Financial turned EBITDA positive in the first quarter of 2024, marking yet another noteworthy milestone.
Atome Financial’s prior agreement with HSBC is expanded by this new syndicated facility of up to $200 million, which also includes new partners DBS, SMBC, and Baiduri Bank.
Earlier in June, Atome Financial also revealed that EvolutionX Debt Capital and other investors had provided it with a $100 million facility with a three-year term.
The premier digital financial services platform in Southeast Asia is Atome Financial. Credit Pintar, one of Indonesia’s biggest digital lending platforms, and Atome, the biggest embedded financing platform in the region and a provider of digital financial services like lending, cards, and insurance, are included.
The Singapore-based Advance Intelligence Group, which includes Atome Financial, is supported by leading investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based international investor EDBI.
