SEA digest: Atome Financial seals $100m debt facility; Arbor Ventures partners Tokio Marine

Atome Financial has entered into a $100 million debt facility with HSBC Singapore, while Arbor Ventures has teamed up with Tokio Marine to drive digitalisation in the insurance sector.

Atome Financial, HSBC Singapore ink $100m debt facility 

Atome Financial and HSBC Singapore have sealed a $100 million debt facility to support the former’s payments business across Asia. Atome Financial comprises two brands — the buy now, pay later (BNPL) platform Atome and Indonesian digital lending platform Kredit Pintar.

Atome works with more than 15,000 retail partners across 10 markets in Asia, providing flexible payment options to consumers. It partners with global brands such as Sephora, Zara, H&M, Nike, Zalora, and Lazada. The firm recently expanded to Japan, its 10th market.

Meanwhile, Kredit Pintar has clocked over 20 million downloads, offering financial services, especially for underbanked and unbanked consumers.

Atome Financial is a subsidiary of Advance Intelligence Group, which raised $400 million in a Series D funding round last September, bringing the company’s valuation to $2 billion. Investors who participated in the round included SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based global investor EDBI.

Arbor Ventures teams up with Tokio Marine

Singapore-headquartered venture capital (VC) firm Arbor Ventures has partnered Tokio Marine, a global insurance group headquartered in Tokyo, to accelerate the digital transformation of the global insurance industry.

In addition to its own CVC fund, Tokio Marine will partner with Arbor and other VCs for insights and access to promising startups driving the digital transformation in insurance.

Established in 1879, Tokio Marine is the first insurance company in Japan. It now offers a wide selection of general and life insurance products in 46 countries and regions. In April, Tokio Marine Holdings launched a corporate VC fund called Tokio Marine Future Fund to invest in early-stage startups.

Arbor focuses on fintech and insurtech with offices in Singapore, the US, and Japan. It also has a presence in Europe, the Middle East, and North Africa. Some of Arbor’s notable portfolio companies are Grab, Akulaku, and 2C2P.

“Arbor’s target to create the future of fintech resonates with Tokio Marine‘s digital strategy,” said Masashi Namatame, group chief digital officer at Tokio Marine Holdings. Arbor’s network and astute scouting of startups in the fintech space will greatly complement Tokio Marine’s collaborative efforts to serve innovative products and services in the insurance industry and beyond, he added.

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By admin