Grab bets USD 1.49 bn on Atome to expand Southeast Asian lending business

Singapore-based Grab Holdings agreed to acquire a 60% stake in Atome Financial for USD 1.49bn, accelerating its push into consumer lending as the Southeast Asian superapp looks beyond ride-hailing and food delivery for its next phase of growth.

The all-cash transaction will give Nasdaq-listed Grab control of Atome Financial, the digital lending arm of Advance Intelligence Group. The purchase price includes USD 260mn in fresh growth capital for Atome, with the deal expected to close by the third quarter of 2027, subject to regulatory approvals.

Grab has also agreed to acquire the remaining 40% stake approximately two years after closing. The price will depend on Atome’s financial performance, using a formula tied to earnings and revenue that places its equity valuation between USD 2bn and USD 4.5bn.

Atome operates across Singapore, Malaysia, Indonesia, Thailand and the Philippines, offering buy-now-pay-later services, consumer loans, digital lending and payment cards. Its platform has served 25 million cumulative transacting users and works with more than 30,000 brands. It also brings an established AI-powered credit underwriting system and a loan portfolio of around USD 1bn.

The acquisition gives Grab something that would otherwise take years to build: a sizeable consumer lending business with established credit models, merchant relationships and operations across five markets. Grab already offers payments, lending, insurance and digital banking, but much of its lending activity has focused on drivers and merchants within its ecosystem.

The deal would allow the company to accelerate its expansion in the Philippines, Indonesia and Thailand, rather than develop those markets from scratch. Atome, meanwhile, will gain access to Grab’s nearly 54 million monthly transacting users and its extensive merchant network.

The acquisition comes as digital lending expands rapidly across Southeast Asia, driven by growing demand for accessible financing among consumers and small businesses underserved by traditional banks. With borrowing increasingly moving online, the region is becoming an attractive market for technology companies looking to expand their financial services businesses.

Grab expects the combined financial services business to generate USD 500mn in adjusted EBITDA by 2028, with a gross loan portfolio exceeding USD 6bn. It also raised its group-wide 2028 adjusted EBITDA target to USD 1.7bn. The acquisition will be funded from Grab’s existing cash reserves, and Atome’s management team will remain in place.

The deal gives Grab a faster route into a potentially lucrative market, although expanding consumer credit will also test its ability to manage loan losses and regulatory risks as the business grows.

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