Grab to acquire controlling stake in Atome Financial for US$1.49 billion

Grab has announced plans to acquire a 60 per cent controlling stake in Atome Financial for US$1.49 billion. The deal, which could value Atome at up to US$4.5 billion, is expected to conclude by the third quarter of 2027. Grab intends to acquire the remaining 40 per cent stake approximately two years after closing, based on performance-linked metrics regarding revenue and EBITDA.

The acquisition aims to accelerate Grab’s expansion into the buy-now-pay-later (BNPL) sector across Southeast Asia, specifically targeting markets like the Philippines, Indonesia, and Thailand. By integrating Atome’s digital lending and BNPL services, Grab seeks to leverage its existing digital banks to lower funding costs and scale its financial services business to offset rising operating costs.

Industry analysts suggest the move reflects a broader trend where standalone BNPL platforms face pressure from high customer acquisition costs and tightening regulations. In markets like Indonesia, regulators have implemented caps on daily interest rates, while other regional players have struggled or exited the market. This acquisition allows Grab to utilize its wider ecosystem to provide the data and lower cost of capital necessary for competitive credit underwriting.