Atome Financial, a Southeast Asian digital financial technology platform and part of Advance Intelligence Group, has secured a three-year borrowing facility from EvolutionX Debt Capital.
This is EvolutionX Debt Capital’s first fintech investment in Southeast Asia and has an “accordion feature” that allows it to be increased up to US$100 million depending on the company’s needs and the participation of additional investors.
This feature provides flexibility and Atom Financial Increase the size of your facility as your facilities grow and financial requirements change.
The funding is intended to support Atome Financial’s expansion in Singapore, Malaysia, the Philippines and Indonesia.
The new company aims to strengthen the company’s profitable credit portfolio and promote the introduction of new financial products such as savings, lending services, insurance services and Atome Card (pay anywhere later).
Under the leadership of Atome Financial, which also includes Atome Buy Now Pay Later and Indonesia’s Kredit Pintar, the platform has reportedly demonstrated strong performance.
For fiscal 2023, the company expects its gross merchandise volume (GMV) to grow 40% to US$1.5 billion and its operating profit to nearly double to US$170 million, as revenue grew 130% year-on-year.
Atom Financial is Achieving profitability Driven by improved operational efficiencies and expanding regional partnerships with major e-commerce platforms such as TikTok Shop and Lazada, the company expects its sales to reach $100 billion by the first quarter of fiscal 2024.
The company is backed by SoftBank Vision Fund 2, Warburg Pincus, Northstar and Singapore-based international investor EDBI.
Rahul Shah
Rahul Shah, Partner at EvolutionX said:
“We have been impressed with Atome Financial’s management team’s focus on risk management and operational efficiency, as well as the support from our long-term investors and partners, which has resulted in sustainable, profitable business growth.”
“The introduction of innovative, market-fit solutions like the Atome Card (PayLater Anywhere) and lending products demonstrates our ability to expand our services while leveraging local market expertise.”
Jefferson Chen
Jefferson Chen, co-founder and CEO of Advanced Intelligence Group, said:
“Atome Financial achieved profitability earlier this year and we are pleased to partner with EvolutionX for our next phase of growth.
“This new facility recognizes the value of Atom Financial’s operational excellence and platform as we accelerate momentum in our digital financial services business, expand regional strategic partnerships such as TikTok Shop and Lazada, and launch new Atom Card, savings and loan products in key Southeast Asian markets.”
Featured Image Credit: Free Pick
