Grab Holdings has announced an agreement to acquire a controlling 60 percent stake in Atome Financial for US$1.49 billion in cash, making it the largest fintech acquisition in Southeast Asia this year. Atome Financial is the buy now, pay later and digital lending arm of Advance Intelligence Group, with operations across five key markets. The transaction signals Grab's intention to own proprietary credit infrastructure rather than continue relying on third-party lending rails.
Deal Scope and Market Significance
The acquisition brings two established businesses under Grab's ownership. Atome is a buy now, pay later brand with checkout integration across major regional e-commerce platforms, while Kredit Pintar is a licensed digital lender regulated by Indonesia's OJK. Together, they claim 25 million cumulative transacted users and a gross loan portfolio of approximately US$1 billion.
Strategic Rationale for Credit Ownership
Grab already runs payments, digital banking, partner lending and insurance, but its underwriting has largely depended on ride-hailing and delivery data. Atome Financial adds complementary retail spending and instalment repayment insights, along with a merchant network of more than 30,000 brands. Alex Hungate, Grab's President and Chief Operating Officer, said the deal extends the company's work for driver partners, many of whom first accessed formal credit through Grab in 2025.
Two Phase Transaction and Regulatory Path
Under the first phase, Grab will pay US$1.49 billion for the 60 percent stake, with US$260 million reserved as primary growth capital for Atome Financial rather than paid to sellers. Closing is expected by the third quarter of 2027, subject to regulatory approvals across five jurisdictions. A second phase allows Grab to acquire the remaining 40 percent about two years later.
Valuation Formula and Risk Management
The deferred payout will be based on 13 times annualised adjusted EBITDA weighted at 75 percent plus 2.5 times annualised revenue weighted at 25 percent, measured over the six months before the second phase closes. The final valuation is collared between US$2 billion and US$4.5 billion, with at least half settled in cash. This approach caps Grab's downside if Atome Financial underperforms while also limiting what it pays if the business exceeds expectations.
Funding, Inclusion Goals and Leadership Views
Grab Chief Financial Officer Peter Oey said the acquisition is funded entirely from existing cash and will not affect the company's ongoing share buyback. The deal is expected to be accretive to Group Adjusted EBITDA once completed, while more than 70 percent of Southeast Asian adults remain unbanked or underbanked. Jefferson Chen, Chairman and CEO of Advance Intelligence Group, said the sale caps eight years of building a platform for people underserved by conventional banking.
Competitive Implications for Southeast Asia
The acquisition reshapes competition in the regional buy now, pay later and digital lending market, where Atome has competed with Kredivo, Akulaku, SeaMoney and GoTo's GoPayLater. By folding a scaled lender into its ecosystem, Grab strengthens its position against GoTo, its main rival in ride-hailing and deliveries. The move also suggests super-apps now see proprietary credit infrastructure as central to the next phase of financial services growth.
Grab's acquisition of a controlling stake in Atome Financial reflects a calculated bet on owned lending capabilities in Southeast Asia. The phased structure and valuation collar indicate a disciplined approach that balances growth ambitions with financial risk. If approved, the deal could significantly expand Grab's credit portfolio and sharpen competition across the region's digital finance sector.