Atome Financial, a Singapore-based fintech company, announced plans to further expand in the Philippines after it renewed its $100-million debt facility with HSBC Singapore.
The renewal of the debt facility expands Atome’s scope to now include the Philippines, which is considered a key strategic market by the company.
Atome and HSBC Singapore first signed a $100-million debt facility in August last year to help the fintech company with its operations in the region.
“We are excited to have the renewed support of HSBC, especially as it now includes the Philippines, a key strategic market for us in providing unbanked and underbanked consumers with easier, simpler, and more affordable access to digital-first consumer financing products,” said Andy Tan, Head of Funding, Atome Financial.
Atome Financial, which offers services through its Atome mobile app and Kredit Pintar mobile app in Indonesia, provides flexible deferred payments, smart savings, and rewarding shopping experiences to consumers across Southeast Asia.
To date, the platform has garnered over 40 million app downloads and disbursed more than $4 billion in loans, signifying a substantial presence in the digital lending space.
HSBC, as the structuring bank, lender, facility agent, and security agent, is providing a flexible, scalable, and pan-regional financing solution to bolster Atome Financial’s business expansion.
The extended partnership marks a significant step in Atome’s growth strategy, with the Philippines now identified as a crucial market.
“We are glad to play a role in supporting their ambition and remain committed to tap on HSBC’s global network, strong regional presence as well as suite of banking capabilities to support their expansion in the region,” Harish S Venkatesan, Managing Director and Head of International Subsidiary Banking, HSBC Singapore, said
Atome is a subsidiary of the Warburg Pincus-backed unicorn Advance Intelligence Group.
Founded in 2016, Advance Intelligence Group consists of an ecosystem of AI-powered, credit-enabled products and services that includes Atome Financial, enterprise KYC/fraud and risk management solutions ADVANCE.AI, and merchant services SaaS platform Ginee.