Singapore-based fintech company Atome Financial has reported a 93% increase in operating income in 2023 to $170 million from $88 million in 2022.
The firm, which comprises Atome buy-now-pay later (BNPL) and Indonesia’s digital lending platform Kredit Pintar, attributed its 2023 performance to the profitability of its BNPL business.
The figures, however, were based on the company’s unaudited statement from January to December 2023.
The company also said Atome BNPL turned profitable in the first quarter of 2024 after processing a gross merchandise volume of nearly $1.5 billion in 2023, a 40% rise from the previous year.
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 tenth market.
Cumulatively, Atome Financial has over 40 million app downloads and disbursed more than $4 billion in loans.
In 2023, the firm expanded its operations in the Philippines after it renewed its $100-million debt facility with HSBC Singapore.
The Philippines and Thailand are part of Atome’s core markets, and the company remains committed to growing its businesses there.
Data from the Accounting and Corporate Regulatory Authority (ACRA) show that NeuronCredit Pte Ltd, the name under which Atome Financial is registered in Singapore, posted a 10% year-on-year decline in revenue in 2022. It also suffered a loss of $157.8 million in 2022, compared with a profit of $30.2 million in 2021.
In February, David Chen, previously chief executive officer Atome, stepped down to join Indonesia’s GoTo Financial as head of consumer lending.
Chen was with Atome from 2018 until 2023, according to his LinkedIn profile. Before Atome, Chen founded and led the Singapore consumer lifestyle app Nestia from 2014 to 2017.
