Atome Financial, a Singapore-based FinTech firm, announced that it has secured a debt facility of up to $100m.
The funding includes significant contributions from EvolutionX, a debt financing platform established jointly by DBS and Temasek, according to a report from Reuters.
The company revealed that it is collaborating with a syndicate of investors to maximise the potential of the accordion feature of the three-year term loan, which could elevate the total financing to $100m. However, the specifics of the financial commitment from EvolutionX or the identities of the investors in the syndicate were not disclosed.
Atome Financial specialises in providing digital financial services aimed at enhancing financial inclusion in Southeast Asia. The firm is known for its innovative approach to mobile-first financial solutions, catering predominantly to under-served markets in the region.
The FinTech has evolved its services from buy now pay later and embedded financing to offer a complete service of digital financial services. This includes insurance, payment cards and loans.
The newly acquired funds will be directed towards launching new products, including savings accounts, insurance options, and the Atome Card—a debit card solution—across several countries such as Singapore, Malaysia, the Philippines, and Indonesia.
Rahul Shah, a partner at EvolutionX, commented on the investment, “We’re excited to support Atome Financial in their ongoing journey to improve financial inclusion and access to mobile first financial services in large under-served markets in Southeast Asia.”
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