Singapore-based digital finance platform Atome has closed a US$345 million syndicated debt facility, extending its funding capacity as it scales consumer credit products across Southeast Asia.
The new facility is a sizeable increase from the US$200 million raised in 2024 and comes at a time when growth-stage startups in the region are increasingly favouring debt over equity amid a constrained venture capital market.
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The financing was led by HSBC with DBS Bank joining as a co-mandated lead arranger. Other participants in the syndicate include Sumitomo Mitsui Banking Corporation (SMBC), Baiduri Bank, and Cathay United Bank, alongside new lenders Fubon Bank and Shanghai Pudong Development Bank.
Atome said the capital will be used to expand Atome Financial’s regional loan portfolio, including its Buy Now Pay Later (BNPL) offering, consumer lending products, and the Atome Card, primarily across Singapore, Malaysia and the Philippines.
Debt over equity in a tighter funding market
The decision to raise debt reflects a broader shift among Southeast Asian fintechs towards non-dilutive funding as equity financing becomes more selective. With its BNPL business now profitable, Atome has been able to tap bank-led facilities to extend its runway and support new product launches without issuing new shares.
Regional data shows that debt deals in Southeast Asia reached a six-year high of 54 in 2024, driven by a rise in venture debt and private credit as venture capital investment slowed. For growth-stage companies with stable cash flows, debt has emerged as a lower-cost source of capital compared to equity.
Financial performance underpins lender interest
Atome Financial, which houses the group’s BNPL business, Atome Card and Kredit Pintar, reported operating income of US$236 million in FY2024, up 63 per cent year-on-year. Over the same period, gross merchandise volume (GMV) processed across its platforms rose 50 per cent to more than US$2 billion.
Growth continued into 2025. By mid-year, the group’s annualised net revenue had exceeded US$500 million, while annualised GMV reached US$6 billion. In December 2025, Atome recorded its highest monthly GMV to date, posting over 70 per cent year-on-year growth compared with December 2024.
The company reached EBITDA profitability in the first quarter of 2024, supported by BNPL margins and expansion into cards and lending products.
BNPL expansion across Southeast Asia
Atome’s expansion is taking place alongside rapid growth in BNPL adoption across Southeast Asia, driven by rising e-commerce penetration and limited access to traditional credit. In Asia Pacific, the BNPL market is projected to reach US$211.7 billion in 2025, growing 14.5 per cent year-on-year.
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Within Southeast Asia, BNPL-enabled e-commerce spend is expected to grow almost ninefold to US$8.83 billion GMV by 2025. Indonesia accounts for around 58 per cent of regional BNPL spending, while Vietnam, the Philippines and Malaysia are seeing accelerated uptake from smaller bases.
Banking partnerships and regional reach
The latest facility builds on Atome’s existing debt funding base. Previous raises include a US$100 million facility from HSBC in 2023, a US$200 million syndicated facility in 2024, and a US$80 million accordion facility with BlackRock and InnoVen Capital in 2025. The company also has longer-term bank relationships, including a US$500 million, 10-year commitment from Standard Chartered.
Banks involved in these facilities provide syndicated capital, risk oversight and flexibility to scale lending across markets including Singapore, Indonesia, Malaysia and the Philippines.
Credit access for underbanked consumers
Part of Advance Intelligence Group, Atome uses AI-driven credit assessment to underwrite consumer lending in markets where credit card penetration remains below 10 per cent in several countries. Across its platforms, the group has cumulatively disbursed over US$4 billion in financing to consumers and works with thousands of merchants across the region.
The company’s consumer-facing apps have recorded more than 40 million downloads, reflecting sustained demand for alternative credit products in Southeast Asia’s underbanked markets.
Also Read: Atome secures debt funding from EvolutionX to expand credit portfolio, launch new products
Backed by investors including SoftBank Vision Fund 2, Warburg Pincus, Northstar, and EDBI, Atome is positioning its expanding debt base as a way to maintain growth while preserving equity in an increasingly disciplined funding environment.
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