DIGITAL financial technology platform, Atome Financial, has secured a three-year term loan facility from EvolutionX Debt Capital, which is a growth-stage debt financing platform jointly set up by DBS and Temasek.
The online platform is also working with a group of investors to use the facility’s accordion feature to increase the total loan amount to US$100 million, it announced on Tuesday (Jun 25).
A debt facility’s accordion feature, or incremental facility, allows borrowers to expand total commitments under the credit agreement to accommodate incremental debt.
The platform announced that it expects to use the facility to expand its profitable regional credit portfolio.
The facility will also be committed towards supporting the launch of new products such as savings, lending, insurance, and Atome Card in markets including Singapore, Malaysia, the Philippines, and Indonesia.
Atome Financial is part of Singapore-headquartered Advance Intelligence Group, which is backed by investors such as SoftBank Vision Fund 2, Warburg Pincus, Northstar, as well as Singapore-based global investor EDBI.
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Jefferson Chen, group co-founder and chief executive officer of Advance Intelligence, noted that the debt facility comes as they look towards expanding regional partnerships and advancing their digital financial services business.
Atome Financial announced on Apr 23 that its operating income increased to US$170 million for FY2023, from US$88 million in the prior year. It also reported that it turned profitable in the first quarter of 2024.
The company’s buy-now-pay-later business posted a 40 per cent year-on-year increase in gross merchandise value to US$1.5 billion and 130 per cent year-on-year growth in revenue for FY2023.
