Singapore – Grab has agreed to acquire a controlling 60% equity interest in Atome Financial for $1.49 billion in cash, in a proposed transaction aimed at expanding its consumer lending business across Southeast Asia.
The deal would combine Atome Financial’s portfolio of buy now, pay later (BNPL) products, consumer cash loans, BNPL cards and digital lending services with Grab’s existing financial services operations.
Atome Financial operates in Singapore, Malaysia, the Philippines, Indonesia and Thailand, and has served 25 million cumulative transacted users. Grab’s financial services business includes payments, digital banking, partner lending, insurance and consumer lending.
If completed, the transaction would give Grab access to Atome Financial’s established consumer lending platform and merchant network, while Atome Financial would gain additional distribution opportunities through Grab’s ecosystem.
“Atome Financial’s leading use of AI to underwrite digital lending to millions of users across the region, while managing risk effectively, will help to scale and strengthen Grab’s whole ecosystem,” said Alex Hungate, President and Chief Operating Officer of Grab.
“The proposed transaction accelerates the growth and profitability of our financial services segment by deepening our consumer lending capabilities and unlocking opportunities for us to serve Atome’s large merchant network.
In 2025, 68 per cent of driver-partner borrowers accessed formal credit for the first time through Grab, with half noting they did so to avoid predatory lenders. By coming together, we can deliver on our common vision of using technology to responsibly extend financial access to the unbanked and underbanked in the region, to drive Southeast Asia forward,” Hungate continued.
“We founded Atome Financial eight years ago on a simple conviction: everyone deserves access to responsible credit and financial services, not just those with a conventional banking history,” said Jefferson Chen, Chairman and CEO of Advance Intelligence Group Limited, and CEO of Atome Financial.
“Over eight years, we’ve built a sustainable and reliable financial services platform serving millions of customers across five markets. Powered by AI and data, every transaction makes our underwriting smarter and our products more personalised. With Grab’s ecosystem, and our proven AI-powered lending infrastructure, we can extend that to millions more across Southeast Asia who’ve been left out — and together, do more to close the financial inclusion gap than either of us could alone,” Chen continued.
Combining lending capabilities
Grab said the two businesses have complementary regional footprints and product offerings, with both operating across the same five Southeast Asian markets but with limited overlap in their lending products.
Grab has developed lending services for driver- and merchant-partners, while Atome Financial has focused on flexible payment options and consumer lending. The combination could provide access to financing products for Grab’s nearly 54 million Monthly Transacting Users, while creating cross-selling opportunities across Atome Financial’s network of more than 30,000 brands.
The companies also plan to combine credit and risk-management capabilities. Grab said Atome Financial’s AI-powered lending infrastructure could be paired with its own ecosystem data to strengthen credit risk assessment and support the expansion of lending products.
Atome Financial currently has a gross loan portfolio of around $1 billion. Grab said the portfolio has maintained credit quality, with delinquency rates stable or improving across borrower groups.
The companies also intend to share risk-management practices, regulatory approaches and collection strategies, with the stated aim of addressing fraud and supporting responsible lending. Existing licensing, consumer protection, data privacy and responsible lending requirements would continue to apply in each market.
Financial targets
Grab expects the acquisition to contribute to the growth of its Financial Services segment. The company said the combined segment, including Atome Financial, is expected to reach adjusted EBITDA of $500 million and a gross loan portfolio of more than $6 billion by 2028.
“Atome Financial gives us a proven consumer lending operator and an established merchant base, letting us scale our Financial Services segment significantly faster and more cost-efficiently than building it ourselves,” said Peter Oey, Chief Financial Officer of Grab.
“The transaction is funded entirely from our existing cash, is expected to be accretive to Group Adjusted EBITDA upon completion, and does not affect our ongoing share repurchase program. Subject to closing timelines, we expect Atome Financial, along with the rest of our Financial Services segment, to generate an Adjusted EBITDA of $500 million by 2028 with a combined gross loan portfolio of over $6 billion. We also revise up our Group 2028 targets to $1.7 billion in Adjusted EBITDA and over 30% Group revenue CAGR from 2025 to 2028,” Oey continued.
Grab has also raised its 2028 group targets to $1.7 billion in adjusted EBITDA and more than 30% group revenue compound annual growth from 2025 to 2028.
Transaction structure
Under the first phase of the transaction, Grab will acquire 60% of Atome Financial for $1.49 billion, including $260 million in primary growth capital.
Completion is expected in the third quarter of 2027, subject to regulatory approvals and other customary closing conditions. Following completion, Grab will consolidate Atome Financial into its Financial Services segment, while Atome Financial’s existing management team will continue to oversee the business.
Grab has also agreed to acquire the remaining 40% approximately two years after completion of the first phase. The second transaction will be based on a pre-agreed valuation framework linked to Atome Financial’s performance during the period.
At least 50% of the consideration for the second phase will be paid in cash. The valuation formula uses annualised adjusted EBITDA and revenue, weighted at 75% and 25% respectively, with an equity valuation floor of $2 billion and a cap of $4.5 billion.
The proposed acquisition comes as digital financial services providers across Southeast Asia expand lending and payment offerings, while the use of AI and alternative data in credit assessment continues to develop.
