Singapore-based fintech firm Atome Financial welcomes a private credit fund managed by BlackRock and InnoVen Capital as new consortium members in the accordion tranche of its three-year senior secured term loan facility.

Together with the original tranche funded by EvolutionX Debt Capital in June 2024, the current facility size stands at US$80 million.

 “This facility will help propel the growth of our expanded product suite, strategic partnerships and profitable regional portfolio to better serve the diverse financial needs of consumers across key Southeast Asia markets including Singapore, Malaysia, the Philippines and Indonesia,” says Atome Financial’s chief commercial officer Andy Tan.

According to Atome, BlackRock’s private credit team brings unparalleled expertise and a robust track record in private credit investments, while InnoVen Capital, a joint venture between Seviora ( a wholly-owned subsidiary of Temasek Holdings ) and UOB, is a venture debt provider supporting early- and growth-stage companies across Southeast Asia, China, and India.

In financial year 2024, Atome Financial – comprising Atome Buy-Now-Pay-Later ( “BNPL” ) and Kredit Pintar, Indonesia’s leading digital lending platform – achieved strong business performance underpinned by:

• Over 45% year-on-year revenue growth to US$280 million;
• Over 35% y-o-y growth in gross merchandise value to US$2.5 billion;
• Product portfolio profitability optimization;
• Operational efficiency via generative AI across customer service, collections and product sales; and
• Full-year profitability.

The company expects this positive momentum to be sustained into FY2025.