Grab to buy most of Singapore tech firm Atome for $1.9b
The purchase will give Grab a stronger foothold in the consumer lending business in South-east Asia.
Grab, the ride-hailing and delivery giant, has announced its plan to acquire a majority stake in Singapore-based buy-now-pay-later platform Atome Financial for a whopping US$1.49 billion (S$1.9 billion). The deal is set to be finalized by the third quarter of 2027 and will see Grab acquiring 60% of Atome, with the remaining 40% to be acquired within two years post-transaction.
The purchase price places the company's value between US$2 billion and US$4.5 billion. This acquisition will significantly bolster Grab's presence in consumer lending across Southeast Asia, enabling the company to expand its operations beyond its current app ecosystem and attract new customers. Alex Hungate, Grab's president and COO, believes that the acquisition will allow Grab to "leapfrog" the timeline for entering the Philippine, Indonesian, and Thai markets.
Grab's current financial services segment operates in more than 900 Southeast Asian cities and includes licensed digital lenders in Singapore, Malaysia, and Indonesia. The company anticipates growing its loan book to over US$6 billion by 2028, including Atome's assets.
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