Grab Holdings Limited (Grab) and Neuroncredit Pte. Ltd. (Atome Financial), the digital financial services platform of Advance Intelligence Group Limited (“AIGL”), announced that Grab, Atome Financial, AIGL and certain other parties have entered into definitive agreements for Grab to acquire a controlling 60% equity interest in Atome Financial in cash for $1.49 billion.

The proposed transaction, if completed, would combine Atome Financial’s business – spanning Buy Now, Pay Later (BNPL)loans, consumer cash loans, BNPL cards and digital lending – with Grab’s financial services business, accelerating its growth and strengthening the flywheel effect of Grab’s ecosystem that also includes mobility and deliveries. The strategic acquisition allows Grab and Atome Financial to innovate together to offer everyday financing options to more users in the region, expanding financial access to millions who lack a formal credit history and are shut out of the traditional banking sector.

Atome Financial operates in Singapore, Malaysia, the Philippines, Indonesia and Thailand3 and serves 25 million cumulative transacted users4. Grab’s suite of financial services includes payments, digital banks, partner lending, insurance and consumer lending. Through Atome Financial, Grab would be able to access a scaled and proven platform for consumer lending. For Atome Financial, access to Grab’s ecosystem gives the company new distribution opportunities across the region.

“Atome Financial’s leading use of AI to underwrite digital lending to millions of users across the region, while managing risk effectively, will help to scale and strengthen Grab’s whole ecosystem. The proposed transaction accelerates the growth and profitability of our financial services segment by deepening our consumer lending capabilities and unlocking opportunities for us to serve Atome’s large merchant network. In 2025, 68 percent of driver-partner borrowers accessed formal credit for the first time through Grab, with half noting they did so to avoid predatory lenders. By coming together, we can deliver on our common vision of using technology to responsibly extend financial access to the unbanked and underbanked in the region, to drive Southeast Asia forward,” said Alex Hungate, President and Chief Operating Officer, Grab.

Jefferson Chen, Chairman and CEO of Advance Intelligence Group Limited, and CEO of Atome Financial said, “We founded Atome Financial eight years ago on a simple conviction: everyone deserves access to responsible credit and financial services, not just those with a conventional banking history. Over eight years, we've built a sustainable and reliable financial services platform serving millions of customers across five markets. Powered by AI and data, every transaction makes our underwriting smarter and our products more personalised. With Grab's ecosystem, and our proven AI-powered lending infrastructure, we can extend that to millions more across Southeast Asia who've been left out — and together, do more to close the financial inclusion gap than either of us could alone."

Complementary capabilities and vision

Access to credit remains an important driver of economic opportunity in Southeast Asia, where more than 70%5 of adults are unbanked or underbanked. The proposed transaction would leverage three strategic pillars to expand access to credit solutions that are transparent, responsible, and built for how the region borrows.

1. Highly complementary regional footprint and product suite: Both companies operate across Singapore, Malaysia, the Philippines, Indonesia and Thailand, with minimal product overlap. Over the years, Grab has scaled its lending footprint to driver- and merchant-partners, while Atome Financial has focused on providing flexible payment options and consumer lending to its users. Combining these strengths means greater access to flexible payment options for Grab's ecosystem of nearly 54 million Monthly Transacting Users, and more cross-sell opportunities for Grab into Atome Financial’s network of over 30,000 brands.

2. Enhancing credit capabilities to drive scale: The proposed acquisition mutually strengthens the companies’credit underwriting capabilities, and is expected to be a meaningful contributor to Grab’s Financial Services segment targets. Pairing Atome Financial’s AI-powered lending infrastructure with Grab’s ecosystem insights could significantly enhance Grab’s credit risk underwriting capabilities, allowing Grab to expand product accessibility, while helping to prevent consumer over-indebtedness. This is expected to translate into faster loan book growth and lower cost-to-serve than either company scaling independently. Atome Financial's $1 billion gross loan portfolio6 has maintained disciplined credit quality, with delinquency rates improving or stable across borrower cohorts. Its loan book has been managed with prudent loss provisioning throughout its growth.

3. Expanding financial access responsibly: Grab and Atome Financial plan to share risk-management insights, regulatory best practices, and collection strategies, in order to combat platform fraud and enhance credit underwriting, fostering a safer, more sustainable financial ecosystem for consumers and merchants alike. The proposed transaction does not change the companies’obligations to comply with applicable licensing, consumer protection, data privacy and responsible lending requirements in each market.

Financial outlook

“Atome Financial gives us a proven consumer lending operator and an established merchant base, letting us scale our Financial Services segment significantly faster and more cost-efficiently than building it ourselves. The transaction is funded entirely from our existing cash, is expected to be accretive to Group Adjusted EBITDA upon completion, and does not affect our ongoing share repurchase program. Subject to closing timelines, we expect Atome Financial, along with the rest of our Financial Services segment, to generate an Adjusted EBITDA of $500 million by 2028 with a combined gross loan portfolio of over $6 billion. We also revise up our Group 2028 targets to $1.7 billion in Adjusted EBITDA and over 30% Group revenue CAGR from 2025 to 2028,” said Peter Oey, Chief Financial Officer, Grab.

Transaction Details

Grab will acquire a controlling 60% equity interest in Atome Financial in cash for $1.49 billion, of which $0.26 billion is primary growth capital (“Phase 1”). The transaction is expected to complete by the third quarter of 2027, subject to regulatory approvals and other customary closing conditions. Following completion of the transaction, Grab will financially consolidate Atome Financial into its Financial Services segment and Atome Financial’s management team will continue to drive the growth of the Atome Financial business.

Grab has also agreed with AIGL and the other sellers to acquire the remaining 40% equity interest in Atome Financial approximately two years after the completion of this transaction (“Phase 2”). This is subject to regulatory approvals and other customary closing conditions and at a pre-agreed valuation framework rather than a fixed price, tying the consideration to Atome Financial’s actual performance over the period between Phase 1 closing and Phase 2 closing. At least 50% of the consideration will be settled in cash. The formula applies a multiple of 13.0x annualized adjusted EBITDA and 2.5x annualized Revenue, each measured based on the six-month period immediately prior to the Phase 2 closing and weighted at 75% and 25%, respectively. The resulting equity valuation is subject to a floor of $2.0 billion and a cap of $4.5 billion. This structure ensures Grab only pays multiples in proportion to Atome Financial’s demonstrated performance, and caps Grab’s downside exposure to a lower probability outsized outcome consistent with the same disciplined, return-tested approach applied to the 60% equity interest.

Re-disseminated by The Asian Banker