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ATOME Financial has entered into a US$100 million debt facility with HSBC Singapore. The company houses buy now, pay later (BNPL) player Atome and Indonesia-based digital lending platform Kredit Pintar.
Atome Financial also has a separate US$500 million financing deal with Standard Chartered, entering the 10-year partnership in October 2021.
“By providing flexible funding arrangements in markets where HSBC also has an on-ground presence, and supported by our ability to execute multi-market and multi-currency deals, we are able to connect clients to international opportunities and open new markets,” said Regina Lee, head of commercial banking, HSBC Singapore.
This debt facility comes as BNPL players are feeling the squeeze from rising interest rates and inflationary pressures impacting consumer spending habits. Australian BNPL player Zip has exited the market, and consolidation is happening in the market, with Pace acquiring Rely and hoolah being acquired by consumer rewards platform Shopback.
Atome Financial’s parent company, Advance Intelligence Group, an artificial intelligence tech startup recently raised a US$400 million Series D round in September 2021, at a valuation of over US$2 billion. Investors in the round include EDBI, Warburg Pincus and Softbank Vision Fund 2.
“We’re humbled and excited to have the support of HSBC. It is testament to the trust and confidence they have in our mission and track record in using technology to provide consumers with easier, simpler, and more affordable access to digital-first financial services, so we can drive broader financial inclusion across both developed and emerging markets in Asia,” said Trina Yeung, chief financial officer, Atome Financial.