Atome Financial, the parent firm of Buy Now, Pay Later (BNPL) company Atome, has reportedly finalized its acquisition of financing service provider PT Mega Finadana Finance in Indonesia. The terms of the deal have not been shared publicly.
The acquisition should help Atome Financial with expanding its operations across Indonesia, particularly in the consumer financing space.
After the deal has been finalized, PT Mega Finadana Finance will be changing its name to PT Atome Finance Indonesia.
Atome Financial includes two primary business divisions, Atome and Kredit Pintar – which is an Indonesia-based digital lending service that’s licensed by OJK. The company reports more than 10 million mobile app downloads and currently has a 4.8-star rating on the Google Play Store.
Wawan Salum, CEO at Atome Financial Indonesia, remarked:
“Since 2017, Atome Financial has partnered some of the world’s most respected financial institutions who provide over $200 million in funding and credit facilities to propel financial inclusion. Cumulatively, we have served over 5 million users and provided over USD 1 billion of credit to empower merchants and consumers. This licence will not only accelerate our rapid business expansion, but also contributes to a stronger and healthier national lending and financing ecosystem in Indonesia.”
Indonesia’s economy has been growing rapidly, especially its digital financial services sector.
As covered earlier this month, Indonesia-based Validus subsidiary Batumbu obtained regulatory clearance to provide digital financing.
Indonesian online wallet platform LinkAja recently selected Indian software firm PureSoftware’s Arttha digital payments suite.
Indonesian Fintech firm PAYFAZZ has invested $30 million into Singapore’s Xfers to enable financial inclusion in Southeast Asia. Indonesia-based digital payment infrastructure provider Xendit recently secured $64.6 million through a Series B investment round led by Accel.
Southeast Asia’s Funding Societies, an online capital formation platform, reported S$2 billion in business financing disbursals in February 2021.
Also in February, it was reported that a new money market mutual fund is being offered via Indonesia’s OVO mobile app through a partnership with local firms.