SINGAPORE — Grab is making one of its biggest moves into consumer finance, agreeing to acquire a 60% controlling stake in Singapore-based Atome Financial for US$1.49 billion (about S$1.9 billion) in cash.
The deal, announced September 15, brings Atome Financial’s buy-now-pay-later (BNPL), consumer cash-loan, BNPL card and digital-lending businesses deeper into Grab’s expanding financial-services ecosystem. The transaction is expected to close by the third quarter of 2027, subject to regulatory approvals and other customary conditions.
Grab Makes a Big Bet on Consumer Lending
The acquisition would give Grab a much larger consumer-lending platform without requiring the company to build Atome’s established credit infrastructure from scratch.
Atome Financial operates across Singapore, Malaysia, the Philippines, Indonesia and Thailand and says it has served 25 million cumulative transacted users. Its network includes more than 30,000 brands, while Grab says its own ecosystem reaches nearly 54 million monthly transacting users.
Grab said combining the two businesses could create opportunities to offer financing products to more consumers while allowing Atome to access Grab’s extensive regional ecosystem.
The Deal Doesn’t End at 60%
The initial transaction covers 60% of Atome Financial’s equity for US$1.49 billion, including US$260 million in primary growth capital.
But Grab has also agreed to purchase the remaining 40% approximately two years after the first transaction closes.
That second acquisition will not have a fixed price. Instead, the consideration will be tied to Atome Financial’s actual financial performance, using adjusted EBITDA and revenue measurements.
The resulting equity valuation for the second phase has a floor of US$2 billion and a cap of US$4.5 billion, according to Grab.
The structure means the eventual value of the full acquisition will depend partly on how Atome performs after the initial transaction.
AI-Powered Lending at the Center of the Deal
One of the key attractions for Grab is Atome Financial’s technology and credit infrastructure.
Grab said Atome uses AI-powered lending technology to assess borrowers and manage credit risk. Combining that infrastructure with information generated through Grab’s broader ecosystem could help the company expand lending while maintaining its risk-management systems.
Grab also said Atome’s roughly US$1 billion gross loan portfolio has maintained disciplined credit quality, with delinquency rates improving or remaining stable across borrower groups. Those figures are company-reported and will remain subject to the performance of the business after the acquisition.
Grab Raises Its 2028 Financial Targets
The Atome deal is accompanied by an upgrade to Grab’s longer-term financial targets.
Grab now expects its Financial Services segment to generate US$500 million in adjusted EBITDA and exceed US$6 billion in gross loan portfolio by 2028, including Atome Financial.
The company also raised its overall 2028 target to US$1.7 billion in adjusted EBITDA, alongside a projected 30% or higher compound annual revenue growth rate from 2025 to 2028.
Reuters reported that the acquisition is part of Grab’s broader effort to strengthen financial services alongside its established mobility and delivery businesses.
Why Atome Matters to Grab
For Grab, the deal could accelerate its transition from a ride-hailing and delivery platform into a broader financial-services ecosystem.
Grab already operates financial-services businesses including payments, digital banking, lending and insurance. It currently operates digital banks in Singapore, Malaysia and Indonesia.
Atome adds another established consumer-finance operation, particularly in BNPL and digital lending.
The companies say their businesses have relatively limited overlap: Grab has historically focused more heavily on lending to drivers and merchant partners, while Atome has concentrated on consumer financing.
A Deal With Regulatory Hurdles Ahead
Despite the size of the announcement, the acquisition is not yet complete.
The transaction remains subject to regulatory approvals and other closing conditions. Grab expects the first phase to close by the third quarter of 2027 if those conditions are satisfied.
Consumer lending also carries regulatory and credit-risk considerations across Southeast Asia. Grab said the combined business would continue to comply with applicable licensing, consumer-protection, data-privacy and responsible-lending requirements in each market.
What the Grab-Atome Deal Could Mean for Southeast Asia
The proposed acquisition reflects the increasingly close relationship between superapps and financial services in Southeast Asia.
Instead of relying solely on transportation, food delivery or e-commerce, major digital platforms are increasingly using their existing customer and merchant ecosystems to offer payments, lending, insurance and other financial products.
Grab’s proposed takeover of Atome would deepen that strategy considerably.
If completed, the transaction would give Grab control of a major regional consumer-lending platform while providing Atome with access to one of Southeast Asia’s largest digital ecosystems.
For now, the biggest question is no longer whether Grab wants to expand in fintech—it clearly does. The next test will be whether the proposed US$1.49 billion initial investment can translate Atome’s existing lending infrastructure and customer base into the scale Grab is targeting by 2028.
WWC ONE MEDIA G.A
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