Atome Financial gets up to $135m debt facility from EvolutionX and other investors
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The three-year term loan facility will drive expansion of its profitable regional credit portfolio, Atome said.
PHOTO: ATOME
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SINGAPORE - Singapore-based financial technology company Atome Financial said on June 25 that it has secured a three-year term loan facility from EvolutionX to expand in South-east Asia.
The online platform is also working with a group of investors to use the facility’s accordion feature to increase the total loan amount to US$100 million (S$135 million).
A debt facility’s accordion feature, or incremental facility, allows borrowers to expand total commitments under the credit agreement to accommodate incremental debt.
It expects to use the facility to drive expansion of its profitable regional credit portfolio, Atome said in a joint statement with EvolutionX, a debt financing platform jointly set up by DBS Bank and Singapore’s investment company Temasek.
The facility will also support new product launches such as savings, insurance and debit cards in countries including Singapore, Malaysia, the Philippines and Indonesia.
“This is our first fintech investment in South-east Asia,” said Mr Rahul Shah, partner at EvolutionX. “We’re excited to support Atome Financial in its ongoing journey to improve financial inclusion and access to mobile-first financial services in large, under-served markets in South-east Asia.”
Singapore-headquartered EvolutionX is a growth-stage platform with US$500 million in capital that provides less dilutive financing to technology companies across Asia, with a focus on China, India and South-east Asia, said the statement.
Atome Financial is part of Singaporean tech company Advance Intelligence Group, which is backed by investors SoftBank Vision Fund 2, Warburg Pincus, Northstar and Singapore-based global investor EDBI. REUTERS
