Atome secures $31M investment from parent company, Advance Intelligence Group

Singapore-based fintech firm, Atome, has recently garnered a capital infusion of $31M, triggered by an internal conversion of shares within its parent entity, Advance Intelligence Group.

• Steady Expansion and Diversification: As a leading "Buy Now, Pay Later" platform, Atome continues to broaden its spectrum of offerings, venturing into arenas such as insurance, card facilities, and investment options. In the Philippines, the company witnesses robust use of the Atome Card and loan product.

• Previous Funding and Collaboration: In prior funding rounds, Atome has amassed approximately $170M, which includes the $70M invested by Advance Intelligence Group across two rounds in 2022. The firm renewed its $100M debt facility with HSBC Singapore to bolster its expansion in the Philippines. Atome also forged a partnership with TikTok Shop in Malaysia, enabling customers to stagger payments over three or six months for purchases.

• Downsizing Measures and Future Plans: Despite some recent downsizing measures including job cuts in Indonesia and exiting Vietnam, Atome is actively recruiting for 70 key positions across Southeast Asia, primarily in Indonesia, Singapore, Malaysia, and the Philippines.

While detailed financial data for 2022 and 2023 remains undisclosed, Atome generated a revenue of $192.6M in 2021, more than doubling its 2020 figures. Part of this growth can be credited to Kredit Pintar, an Indonesian peer-to-peer lending platform that Atome launched in 2017. Together, they form Atome Financial, with Standard Chartered as a strategic investor and financing partner.