Grab set to acquire Atome stake for US$1.49bil to expand lending

Singapore-based ride-hailing giant Grab announced on Tuesday its plan to acquire a controlling stake in Atome Financial, a digital finance firm, for a sum of US$1.49 billion. The acquisition aims to broaden access to loans for users across Southeast Asia. Grab, which operates ride-hailing, food, grocery, and parcel delivery services, will gain a 60% stake in Atome Financial, one of Southeast Asia's leading buy-now-pay-later (BNPL) and consumer lending groups.

The proposed deal will merge Atome Financial's BNPL loans, consumer cash loans, BNPL cards, and digital lending services with Grab's financial services business. This collaboration is expected to develop products offering everyday financing to more people in the region, providing access to millions without a formal credit history who are typically excluded from traditional banking.

Through Atome Financial, Grab will gain a scaled consumer lending platform, while Atome will benefit from Grab's regional ecosystem to open new distribution channels. Both companies emphasized their shared vision of responsibly extending financial access to the unbanked and underbanked in the region. With Grab's ecosystem and Atome's proven AI-powered lending infrastructure, the companies believe they can extend lending services to millions more across Southeast Asia, including those who have been left out.

While bank account ownership has risen in developing economies in recent years, according to World Bank figures, about 1.3 billion adults globally remain unbanked. Southeast Asia, particularly Indonesia, remains a significant portion of this gap, especially among rural, lower-income, and informal workers, as stated in the World Bank's Global Findex Database.