Atome Financial, the foremost digital financial technology platform in Southeast Asia under Advance Intelligence Group, has successfully obtained a three-year term loan from EvolutionX Debt Capital. Furthermore, Atome Financial is collaborating with a group of investors to maximize the facility’s accordion option, potentially raising the total loan capacity to as much as US$100 million.
The secured funding aims to bolster the company's regional credit portfolio and introduce new products across multiple markets. It will facilitate the launch of innovative offerings such as savings, lending, insurance, and the Atome Card (Pay Later Anywhere) in key Southeast Asian markets, including Singapore, Malaysia, the Philippines, and Indonesia.
Atome Financial, comprising Atome Buy-Now-Pay-Later (BNPL) and Kredit Pintar, a prominent digital lending platform in Indonesia, announced strong FY2023 results. The company's operating income nearly doubled to US$170 million, fueled by a 40% year-on-year increase in Gross Merchandise Value (GMV) to US$1.5 billion and a remarkable 130% growth in revenue. Despite challenges from tightened capital markets and broader economic conditions, Atome Financial achieved profitability in Q1 2024.
Rahul Shah, Partner at EvolutionX, commended Atome Financial’s leadership and investor backing, underscoring their commitment to robust risk management and operational effectiveness. Shah emphasized the successful introduction of groundbreaking products such as the Atome Card (Pay Later Anywhere), expressing EvolutionX's enthusiasm in backing Atome Financial's goal of advancing financial inclusion across Southeast Asia.
Jefferson Chen, co-founder and CEO of Advance Intelligence Group, conveyed enthusiasm about the collaboration with EvolutionX, highlighting that the new financing facility acknowledges Atome Financial's operational prowess and strategic value. The funding is poised to enhance the growth trajectory of Atome Financial's digital financial services, foster expansion of regional alliances, and introduce novel financial products in pivotal Southeast Asian markets.