Grab Enters BNPL Space With $1.4 Billion Atome Acquisition
Grab Holdings is acquiring a controlling stake in Singapore-based buy now, pay later (BNPL) provider Atome Financial. The $1.49 billion deal will combine Atome’s businesses — including BNPL loans and cards, consumer loans, and digital lending — with Grab’s financial services business, the company said in a Tuesday (Sept. 15) news release. The acquisition “allows Grab and Atome […] The post Grab…
Grab Holdings has acquired a controlling stake in Singapore-based buy now, pay later (BNPL) provider Atome Financial for $1.49 billion. The deal merges Atome's financial services, including BNPL loans, consumer loans, and digital lending, with Grab's financial services business. Atome serves 25 million users across Singapore, Malaysia, the Philippines, Indonesia, and Thailand, utilizing AI to underwrite digital lending while managing risk effectively.
Grab's financial services encompass payments, digital banks, partner lending, insurance, and consumer lending. Alex Hungate, Grab's president and chief operating officer, stated that Atome's AI-driven underwriting will strengthen Grab's ecosystem. The acquisition aims to offer everyday financing options to more users in Southeast Asia, expanding financial access to millions lacking formal credit histories.
A recent PYMNTS Intelligence report reveals that 82% of consumers using multiple BNPL providers would pay interest for a longer repayment period, suggesting a market for longer-duration credit among BNPL's most active customers.
Written by urgent.news from PYMNTS's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
