Asia United Bank grants Atome Philippines $81 M credit line to grow PayLater card

With the closure of a PHP5 billion ($81 million) wholesale facility with Asia United Bank, Atome Philippines, a division of the Singapore-based digital finance platform Atome, secured local currency capital mainly to support the ongoing expansion of its PayLater Anywhere Card, which has now been issued to over 3 million Filipinos.

Up to 80% of cardholders are first-time cardholders, and 65% are women, according to a statement released by Atome last week. Most of them use sing-the-cards to pay for daily necessities including meals, groceries, household goods, and utility and telecom bills. Adoption now reaches clients in Mindanao, Visayas, and Luzon in addition to Metro Manila.

In addition to the card, Atome offers lending, savings, and insurance in the Philippines, giving Filipinos who are underserved by conventional banking channels more access to financial services.

According to Christian Quiros, President and Country Manager of Atome Philippines, the facility strengthens the company’s capacity to expand while broadening its funding mix with local capital by validating Atome’s market position and providing competitive, PHP-denominated funding at significant scale.

The loan facility demonstrates the bank’s dedication to assisting ethical fintech platforms that bolster the Philippine financial ecosystem, according to Wilfredo Rodriguez Jr., Executive Vice President and Head of IT and Operations at AUB.

With support from SoftBank Vision Fund 2, Warburg Pincus, Northstar, and EDBI, Atome is a member of the Singapore-based Advance Intelligence Group.