Grab is expanding its financial services business with plans to acquire Singapore-based buy-now, pay-later platform Atome Financial, strengthening its presence in consumer lending.
The company will initially acquire a 60% controlling stake in Atome for $1.49 billion in cash. Grab plans to purchase the remaining 40% around 2 years after the first transaction closes. CFO Peter Oey said the 2-stage structure was partly designed to “de-risk” the transaction from a capital allocation perspective.
Grab shares closed 3.64% lower on Nasdaq following the announcement.
The acquisition is part of Grab’s broader effort to scale its financial services operations beyond its existing offerings. The company expects Atome to expand its reach in consumer lending and provide access to new customer segments.
“All this together actually brings our capability to the next level when it comes to financial services,” Oey said, adding that the deal would be accretive to the business and contributed to Grab raising its 2028 outlook.
Atome works with brands across travel, beauty and e-commerce. According to Oey, this gives Grab access to areas where it currently has a more limited presence.
The transaction is expected to close in 2027. Atome’s contribution is expected to become more significant toward the latter part of 2027 and into 2028. Grab expects its financial services segment to generate $500 million in adjusted EBITDA by 2028.
Grab plans to retain Atome’s existing management team. The period between the 2 stages of the transaction will also give both companies time to explore potential synergies.
Beyond the acquisition, Oey identified micro-investing as another potential opportunity for Grab in Southeast Asia. He also said the company wants to work with regulators to improve access to fair credit across the region.
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