Atome Financial Secures Up to $100 Million Growth Debt Facility from EvolutionX
Atome Financial, a digital financial technology platform, has secured a three-year term loan facility from EvolutionX Debt Capital, a growth-stage debt financing platform established by DBS and Temasek. The platform aims to use the facility’s accordion feature to potentially raise the total loan amount to $100 million, as announced on Tuesday, June 25.
The accordion feature allows borrowers to increase the total commitments under the credit agreement to accommodate additional debt. Atome Financial plans to use the facility to expand its profitable regional credit portfolio and support the launch of new products, including savings, lending, insurance, and the Atome Card, in markets such as Singapore, Malaysia, the Philippines, and Indonesia.
Part of the Singapore-headquartered Advance Intelligence Group, Atome Financial is backed by investors including SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based global investor EDBI. Jefferson Chen, co-founder and CEO of Advance Intelligence, emphasized the facility’s role in expanding regional partnerships and enhancing their digital financial services.
Earlier this year, Atome Financial reported a significant increase in its operating income to $170 million for FY2023, up from $88 million the previous year, and announced profitability in Q1 2024. The company’s buy-now-pay-later segment saw a 40% year-on-year increase in gross merchandise value to $1.5 billion and a 130% year-on-year growth in revenue for FY2023.
