Normal Chartered plans to supply US$500 million in financing to Atome Monetary, the guardian firm of Purchase Now, Pay Later (BNPL) agency Atome, as a part of 10-year multi-product strategic partnership.
The financial institution mentioned this financing is its largest strategic funding in a fintech thus far. Normal Chartered had additionally invested in digital lending platform Kredit Pintar in Indonesia.
The partnership will initially embrace BNPL providers, focusing on to roll out in Indonesia, Malaysia, Singapore and Vietnam within the subsequent few months, and later develop to incorporate digital lending merchandise.
The financial institution goals to succeed in over 16 million prospects by 2025 and acquire entry to a number of monetary ecosystems with a purpose to seize a share of the digital lending market, valued at US$92 billion by 2025 in South East Asia alone.
Normal Chartered’s funding in Atome in addition to digital lending platform Kredit Pintar in Indonesia
Atome Monetary is a enterprise unit below Advance Intelligence Group, which lately closed a US$ 400 million Sequence D financing spherical from an investor consortium led by SoftBank Imaginative and prescient Fund 2 and Warburg Pincus, valuing the corporate at greater than US$ 2 billion.
Judy Hsu, CEO, Client, Personal and Enterprise Banking, Normal Chartered Financial institution mentioned,
“This partnership with Atome Monetary provides us the chance to be a part of the quickly rising digital shopper finance ecosystem and gives handy and related digital monetary merchandise to enhance and enrich shoppers’ digital lives.
Our deep information of Asia’s markets coupled with Atome Monetary’s expertise in digital shopper finance will permit us to succeed in much more prospects and drive larger monetary participation of these underserved and underbanked.”
Jefferson Chen, Co-Founder, Group Chairman and CEO of Advance Intelligence Group, and CEO of Atome Monetary mentioned,
“By offering shoppers with simpler, easier, and extra handy entry to a full suite of digital-first monetary providers, we are able to speed up broader monetary inclusion throughout each developed and rising markets in Asia.
On the similar time, this partnership with Normal Chartered will permit us to develop our service provider community and assist retailers improve their buyer base and basket sizes, contributing to financial progress throughout the area.”
Featured picture: Edited from Unsplash