Atome has secured a US$75 million asset-backed financing facility from Lending Ark to help its lending operations within the Philippines.
The funding is aimed toward enhancing entry to credit score within the nation and comes amid rising demand for mobile-first monetary options.
The ability was organized by the Lending Ark Asia Secured Personal Debt Fund, which is suggested by CITIC Securities CLSA Capital Companions.
Atome, a part of Advance Intelligence Group, operates as a purchase now pay later supplier in Southeast Asia.
Its native operations deal with providing credit score merchandise to Filipino shoppers, with an emphasis on accountable lending.
The announcement follows a worthwhile fiscal 12 months for Atome Monetary, the lending arm of the group that features each Atome and Kredit Pintar.
In FY2024, the platform recorded a forty five % year-on-year improve in income to US$280 million and a 35 % rise in Gross Merchandise Worth to US$2.5 billion.
“Atome has cemented its place as a number one fintech participant in Southeast Asia due to its distinctive strengths in credit score threat administration, accountable lending, and client empowerment.
We’re excited to help Atome within the Philippines, a high-growth market with growing demand for accessible, inexpensive credit score and mobile-first monetary options,”
mentioned Carol Lee Park, Managing Director of Lending Ark.
“The Philippines is a key development marketplace for Atome. This financing displays the continued confidence in Atome’s means to ship inclusive, risk-managed credit score at scale. Lending Ark additionally helps our enterprise in Indonesia and this newest enlargement underscores the energy of our long-standing partnership.
We’re grateful for his or her belief as we deepen our attain and empower extra Filipinos with the instruments to handle their funds responsibly,”
mentioned Andy Tan, Chief Business Officer, Atome.
Featured picture: Edited by Fintech Information Singapore, based mostly on picture by svstrelkov through Freepik
