By Reuters | Updated: June 25, 2024
SINGAPORE, June 25 (Reuters) – Singapore-based financial technology firm Atome Financial said on Tuesday it had secured an up to $100 million debt facility including from EvolutionX, a debt financing platform jointly set up by DBS (DBSM.SI) and Temasek, to expand in Southeast Asia.
Atome said it was working with a syndicate of investors to fully use the accordion feature of the three-year term loan facility that could boost the total amount to $100 million.
In a statement, Atome did not disclose the size of the financial commitment from EvolutionX, nor the identity of the group of investors involved in the syndicate.
The facility will also support new product launches such as savings, insurance and debit card Atome Card in countries including Singapore, Malaysia, the Philippines and Indonesia, the statement said.
“This is our first fintech investment in Southeast Asia,” said Rahul Shah, EvolutionX’s partner.
“We’re excited to support Atome Financial in their ongoing journey to improve financial inclusion and access to mobile first financial services in large under-served markets in Southeast Asia,” he said.
Headquartered in Singapore, EvolutionX is a growth-stage debt financing platform with $500 million in capital that provides less dilutive financing to technology companies across Asia, with a focus on China, India and Southeast Asia, the statement said.
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, the statement added.
(This story has been corrected to clarify that EvolutionX is only one of the lenders, in the headline and paragraph 1)
@ Thomson Reuters 2024
