Grab’s US$1.49B Atome deal signals a deeper race for SEA’s credit economy

Grab, the superapp operator listed on the Nasdaq, has announced it will pay US$1.49 billion to acquire 60% control of Atome Financial, a buy now, pay later (BNPL) and digital lending business under Advance Intelligence Group (AIGL). This is the largest fintech acquisition in Southeast Asia this year, signaling a deeper race for the region's credit economy.

Atome Financial brings two businesses into Grab's portfolio: Atome, the BNPL brand familiar to shoppers on Shopee, Tokopedia, or Lazada; and Kredit Pintar, an Indonesia-based digital lender regulated by the OJK. Together, they operate across Singapore, Malaysia, the Philippines, Indonesia, and Thailand, with 25 million cumulative transacted users and a US$1 billion gross loan portfolio.

Grab's President and COO, Alex Hungate, sees the deal as extending the company's existing financial services, which already provide payments, digital banks, partner lending, and insurance to its users. By acquiring Atome Financial, Grab aims to expand its reach in credit by tapping into a second data set built on retail spending and instalment repayment behavior, which complements Grab's existing data from its ride-hailing and delivery services.

The transaction includes two phases, with Phase 1 closing for US$1.49 billion, and Phase 2 buying the remaining 40% at a formula-based valuation pegged between US$2 billion and US$4.5 billion.