Grab Pursues Majority Stake in Buy-Now-Pay-Later Platform Atome

The Deal Structure

Grab Holdings is negotiating to acquire a controlling interest in Atome Financial, a Singapore-based buy-now-pay-later provider, according to people with knowledge of the discussions. The transaction under consideration would place a valuation on the Advance Intelligence Group subsidiary north of $2 billion.

Discussions remain fluid and no binding agreement has been reached, the people said. Grab, Atome Financial, and Advance Intelligence Group each declined to provide comment when contacted.

The proposed acquisition would mark the latest in a series of strategic purchases by Grab as it seeks to deepen its financial services capabilities across Southeast Asia. The company operates the region's largest ride-hailing and food-delivery network, and has been methodically building out adjacent revenue streams beyond its core mobility business.

Grab's Acquisition Appetite

Grab has executed two significant acquisitions in 2026. The company purchased US wealth-management platform Stash Financial at an enterprise value of $425 million, gaining access to investment technology and user interfaces designed for retail customers. Separately, it acquired Foodpanda's Taiwan operations from Delivery Hero for $600 million, consolidating its position in one of Asia's most competitive food-delivery markets.

The company's shares trade on US exchanges, where they have declined 39 per cent year-to-date, leaving Grab with a market capitalisation of $12.4 billion. Despite the share-price pressure, management has maintained its expansion strategy, betting that scale in financial services will eventually drive margin improvement across the platform.

In August, Grab raised its full-year earnings and revenue guidance, citing resilient demand from commuters even as fuel costs climbed due to geopolitical tensions in the Middle East. The upward revision signalled that the company's core mobility business continues to generate sufficient cash to fund both organic growth initiatives and inorganic expansion.

Atome's Financial Profile

Atome Financial positions itself as a flexible payment solution provider, offering instalment plans to consumers shopping at online and physical retailers across fashion, beauty, lifestyle, travel, fitness, and homeware categories. The name derives from "Available to me," reflecting the platform's emphasis on accessibility.

Atome reported revenue of $470 million in 2025, an 80 per cent increase from the prior year, according to the company. That growth enabled Atome to post its second consecutive year of pre-tax profit, a milestone that distinguishes it from many buy-now-pay-later competitors still operating at a loss.

Advance Intelligence Group, Atome's parent company, counts SoftBank Vision Fund 2 and Warburg Pincus among its investors. The backing from prominent venture and private-equity firms has provided Atome with the capital to expand across multiple Southeast Asian markets, where consumer credit penetration remains below levels seen in developed economies.

Regional Fintech Consolidation

The potential transaction reflects broader consolidation trends in Southeast Asian fintech, where super-apps are absorbing specialised payment and lending platforms to create integrated ecosystems. Grab's existing financial services arm already offers digital wallets, insurance products, and lending to consumers and merchant partners.

Adding a mature buy-now-pay-later operation would allow Grab to embed instalment financing directly into its e-commerce and food-delivery checkout flows, potentially increasing conversion rates and average transaction values. The model has proven effective in markets such as Australia and Europe, where BNPL providers have captured significant share of online retail payments.

For Atome, a combination with Grab would provide distribution scale that few standalone fintech firms can match. Grab's user base spans eight countries and hundreds of millions of customers, offering Atome immediate access to transaction volume that could accelerate its path to sustained profitability.

Whether the two sides can bridge valuation expectations and navigate regulatory approvals across multiple jurisdictions remains an open question. Financial services acquisitions in Southeast Asia typically require clearance from central banks and competition authorities, a process that can extend timelines and introduce execution risk.