Singapore-based fintech Atome, part of Advance Intelligence Group, has secured a $75 million asset-backed financing facility from Lending Ark to expand its buy now, pay later (BNPL) services in the Philippines.
Founded in 2019, Atome provides a traditional BNPL service which allows consumers to split bills into deferred payments, with interest-free flexible repayment options.
In partnership with Indonesia-based consumer lender Kredit Pintar, the company also operates the digital wallet Atome Financial, which combines its BNPL offering with insurance, savings, cards and lending services.
This latest financing, provided through the Lending Ark Asia Secured Private Debt Fund, follows a $500 million investment from Standard Chartered, and a more recent $200 million credit facility led by HSBC in November, both supporting Atome Financial.
Other institutional funding partners include Bank Jago, DBS Bank, SMBC, BlackRock, Evolution X Capital and InnoVen Capital.
In comments, Atome chief commercial officer, Andy Tan, describes the Philippines as “a key growth market”, where the company will look to use the Lending Ark financing to “deepen our reach and empower more Filipinos with the tools to manage their finances responsibly”, while also supporting its operations in Indonesia.
Source: https://www.fintechfutures.com/
