Grab aims for ‘next level’ in financial services with purchase of buy-now pay-later platform Atome

Singapore-based technology giant Grab has entered into a definitive agreement to acquire an initial 60% controlling stake in Atome Financial, a leading Asian buy-now, pay-later (BNPL) platform, for $1.49 billion in cash.

Grab plans to acquire the remaining 40% approximately two years later, a phased approach designed to “de-risk” capital allocation.

Grab CFO Peter Oey told CNBC that consumer lending represents the company’s “next frontier.” The acquisition will give Grab immediate access to new e-commerce verticals, including travel and beauty, while supporting its goal of generating $500 million in adjusted EBITDA from its financial services segment by 2028.