A private credit fund managed by BlackRock has joined the accordion tranche of Atome Financial’s three-year senior secured term loan facility, which was first announced in June 2024.
Also joining the loan facility as consortium member is InnoVen Capital, a joint venture between Seviora and United Overseas Bank (UOB). Seviora is a wholly-owned subsidiary of Temasek Holdings.
Together with the original tranche funded by EvolutionX Debt Capital, the current facility size stands at a total of US$80 million ($108.26 million), says the digital financial technology platform in a Feb 12 announcement.
EvolutionX is a a debt financier jointly set up by DBS and Temasek.
Atome Financial comprises Atome’s buy now, pay later (BNPL) services and Kredit Pintar, an Indonesian digital lending platform. Atome Financial is part of the Singapore-headquartered Advance Intelligence Group, which is backed by investors SoftBank Vision Fund 2, Warburg Pincus, Northstar and Singapore-based global investor EDBI.
In FY2024 ended Dec 31, 2024, Atome grew its revenue by 45% to US$280 million, while gross merchandise value rose 35% to US$2.5 billion.
Atome Financial also claims to have achieved full-year profitability last year. “This positive momentum is expected to continue with full force going into FY2025.”
Celia Yan, head of APAC private credit at BlackRock, says Southeast Asia is one of the fastest growing regions in the world with “attractive” private credit investment opportunities. “Atome Financial has established itself as a leading fintech player in Southeast Asia and we look forward to continuing to support their accelerated expansion.”
Yik Ley Chan, Southeast Asia private credit lead at BlackRock, adds: “Atome Financial has strategically positioned the business over the past few years and achieved a strong track record. We are pleased to be part of this investment and look forward to long-term collaboration with Atome Financial as their business embarks on the next phase of growth.”
Andy Tan, Atome Financial’s chief commercial officer, says the facility will help “propel the growth” of its “expanded product suite, strategic partnerships and profitable regional portfolio to better serve the diverse financial needs of consumers across key Southeast Asia markets including Singapore, Malaysia, the Philippines and Indonesia”.
