To increase financial access in Philippines, Atome obtains $75 M asset-backed facility from Lending Ark
To speed up financial inclusion in the Philippines, Atome, a Singapore-based buy now pay later (BNPL) provider and member of Advance Intelligence Group, announced on Monday that it had obtained a $75 million asset-backed financing facility from Lending Ark.
The strategic funding from Lending Ark Asia Secured Private Debt Fund, which was advised by CITIC Securities CLSA Capital Partners (HK) Limited, will help Atome achieve its goal of giving Filipino consumers better access to risk-managed, responsible, and sustainable credit products in the Philippines, the company said in a statement.
Asian asset-backed credit investment company Lending Ark has made $1 billion in investments throughout the region.
In the Philippines, Hong Kong, South Korea, Australia/New Zealand, Indonesia, and Vietnam, the company has been at the forefront of creating distinctive asset-backed investments.
“Atome has cemented its position as a leading fintech player in Southeast Asia thanks to its unique strengths in credit risk management, responsible lending, and consumer empowerment,
“We’re excited to support Atome in the Philippines, a high-growth market with increasing demand for accessible, affordable credit and mobile-first financial solutions,” said Carol Lee Park, Managing Director of Lending Ark.
The Philippines is a crucial growth market for Atome, according to Andy Tan, Chief Commercial Officer.
He added that this funding shows the ongoing faith in Atome’s capacity to provide large-scale, inclusive, risk-managed credit.
“Lending Ark also supports our business in Indonesia and this latest expansion underscores the strength of our long-standing partnership,
“We’re grateful for their trust as we deepen our reach and empower more Filipinos with the tools to manage their finances responsibly,” he added.
With a 45 percent year-over-year increase in revenue to $280 million, a 35 percent year-over-year increase in gross merchandise value (GMV) to $2.5 billion, product portfolio profitability optimization, and operational efficiency through generative artificial intelligence (Gen AI) across customer service, collections, and product sales, Atome Financial, the “wallet platform” of Advance Intelligence Group, which consists of Atome and Kredit Pintar, achieved full-year profitability in FY2024.
Beyond BNPL, Atome now provides lending, savings, insurance, and credit card services.
Institutional funding partners such as Standard Chartered, HSBC, Bank Jago, DBS Bank, SMBC, BlackRock, Evolution X Capital, InnoVen Capital, and numerous others support the company’s market leadership.
The Invested Asia Fund, a private credit fund administered by First Degree Global Asset Management and available to accredited investors, provides support for Atome and acts as a specialized investment vehicle for the company’s remarkable expansion.
Atome is a member of the Singapore-based Advance Intelligence Group, which is supported by leading global investors EDBI, Warburg Pincus, Northstar, and SoftBank Vision Fund 2.
