Grab to Acquire Buy-Now-Pay-Later Platform Atome Financial for $1.49 Billion
Southeast Asian super-app Grab is expanding its financial services arm with the purchase of Atome Financial, aiming to grow its consumer lending business, according to a CNBC report.
Grab Holdings is acquiring Atome Financial, a buy-now-pay-later platform, in a deal valued at $1.49 billion, according to a report by CNBC.
The acquisition is intended to expand Grab's consumer lending operations across Southeast Asia, the report said. Grab, known primarily for its ride-hailing and food delivery services, has been building out a financial services division in recent years.
CNBC reported that the deal represents an effort by Grab to take its financial services business to what the company described as the "next level."
Atome Financial operates a buy-now-pay-later platform, a service that allows consumers to make purchases and pay for them in installments. Such services have grown in popularity across Southeast Asian markets as an alternative to traditional credit products.
Further details on the terms of the transaction, including timing of closure and integration plans, were not immediately available in the report.
Sources
- Grab aims for 'next level' in financial services with purchase of buy-now pay-later platform Atome — CNBC — Top News
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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