From Malay Mail · · 1m 30s
Grab buys into Atome to widen lending in Southeast Asia
Grab is paying US$1.49 billion for control of Atome, a move aimed at reaching borrowers outside traditional banking.
In brief
Grab is paying US$1.49 billion for control of Atome, a move aimed at reaching borrowers outside traditional banking. Grab wants Atome’s lending tech and customer base to turn its regional app ecosystem into a bigger consumer finance channel. Originally reported by Malay Mail.
Grab makes its move
Grab Holdings plans to buy a controlling stake in Atome Financial for US$1.49 billion, pushing deeper into digital finance across Southeast Asia.
“seeking to expand access to loans for users across Southeast Asia”
The stake is 60pc
The proposed deal would give Grab a 60 percent equity interest in Atome Financial, one of the region’s major buy-now-pay-later and consumer lending groups.
“The proposed deal will give Grab a 60-percent equity interest in Atome Financial.”
Two finance arms combine
If completed, Atome’s BNPL loans, cash loans, BNPL cards and digital lending would be combined with Grab’s existing financial services business.
“BNPL loans, consumer cash loans, BNPL cards and digital lending”
Everyday credit is the goal
The companies want to build financing products for daily needs, especially for people who lack formal credit histories and cannot easily use banks.
“extending access to millions without a formal credit history”
Grab gets lending scale
Atome gives Grab a ready consumer lending platform. In return, Atome can use Grab’s ride-hailing, delivery and regional app network to reach more customers.
“Atome will tap into Grab’s regional ecosystem”
AI powers the pitch
Atome CEO Jefferson Chen said the firm’s AI lending infrastructure can reach millions more when paired with Grab’s customer base across Southeast Asia.
“our proven AI-powered lending infrastructure”
The gap is still huge
World Bank figures show bank account ownership has grown, but about 1.3 billion adults globally remain unbanked. Indonesia and rural workers remain key gaps.
“about 1.3 billion adults globally remained unbanked”
The big picture
Grab wants Atome’s lending tech and customer base to turn its regional app ecosystem into a bigger consumer finance channel.
/file/attachments/orphans/Leonie-spekboom-carbonMAIN_852360.jpg)
