Atome Financial, a Singapore-based buy-now-pay-later company targetting unbanked and underbanked consumers, has renewed its US$100 million debt facility with HSBC Singapore.
The funds will help the fintech firm to expand its services in the Philippine market and develop new consumer financing products.
Atome entered the Philippine market in end-2021 by partnering with over 50 online and offline retailers across fashion, beauty, lifestyle, and home & living. The Philippines presents enormous opportunities for the fintech firm as 34.3 million adults are unbanked (as of 2021).
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Launched in December 2019, Atome is a digital platform providing consumers across the region with flexible deferred payments through its mobile app. In addition, it offers digital consumer loans in Indonesia through the Kredit Pintar mobile app.
Cumulatively, Atome claims it has over 40 million app downloads and disbursed more than US$4 billion in loans.
Andy Tan, Head of Funding, Atome Financial, said, “The HSBC investment will help us expand especially in the Philippines, a key strategic market for us, in providing unbanked and underbanked consumers with easier, simpler, and more affordable access to digital-first consumer financing products.”
In May 2021, Advance Intelligence Group, the parent of Atome, announced over a US$400 million raise as part of its Series D round of financing. SoftBank Vision Fund 2 and Warburg Pincus co-led the round, with participation from Northstar, Vision Plus Capital, Gaorong Capital, and EDBI.
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Image Credit: Atome
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