Atome Financial, the parent company of Singapore’s buy now, pay later startup Atome, on Thursday announced that it has completed the acquisition of Indonesia’s PT Mega Finadana Finance.
Following the acquisition, Mega Finadana Finance has changed its name to PT Atome Finance Indonesia.
In its statement, the Singapore company said the deal will allow it to expand its consumer financing business in Indonesia through the acquisition of a financing licence. Financial details of the acquisition were not disclosed.
“The acquisition of this licence is testament to our commitment to growing our Indonesia business, and will allow us to better serve our partners and consumers through a range of tailored financing and lending options,” said Atome Financial Indonesia CEO Wawan Salum.
Wawan, a career banker, has previously worked at Citibank, ABN Amro, and HSBC. Before becoming CEO of Atome Financial Indonesia, he served as the head of consumer banking at Bank DBS Indonesia.
Founded in 2017, Atome Financial operates two main businesses – Atome and Kredit Pintar. Atome partners merchant retailers in Singapore, Indonesia, Malaysia, Hong Kong, Thailand, Vietnam and mainland China to offer “buy now pay later” options during checkout. Meanwhile, Kredit Pintar is a digital lending app licensed by Indonesia’s Financial Services Authority (OJK).
Since its establishment, Atome says it has partnered with several financial institutions globally to provide over $200 million in funding and credit facilities. It also claims to have served over 5 million users and provided over $1 billion of credit for both merchants and consumers.