SINGAPORE-based financial technology (fintech) firm Atome Financials has secured an up to $100 million debt facility from EvolutionX Debt Capital to expand in Southeast Asia.

"This is our first fintech investment in Southeast Asia, and we're excited to support Atome Financial in their ongoing journey to improve financial inclusion and access to mobile-first financial services in large under-served markets in Southeast Asia," said Rahul Shah, partner at EvolutionX, a debt financing platform jointly set up by DBS and Temasek.

It is a growth-stage debt financing platform with $500 million in capital that provides less dilutive financing to technology companies across Asia, with a focus on China, India and Southeast Asia.

The loan facility will also support new product launches by Atome Financials such as savings, insurance and debit card Atome Card in countries including Singapore, Malaysia, the Philippines and Indonesia.

Atome Financial is part of Singaporean tech company Advance Intelligence Group, which is backed by investors SoftBank Vision Fund 2, Warburg Pincus, Northstar, and Singapore-based global investor EDBI, a statement said.

"This new facility recognizes Atome Financial's operational excellence and platform value as we look to accelerate the momentum of our digital financial services business, the expansion of regional strategic partnerships like TikTok Shop and Lazada as well as the launch of the new Atome Card, savings and lending products across key Southeast Asian markets," said Advance Intelligence co-founder and Chief Executive Officer Jefferson Chen said.

Launched in 2019 in the Philippines, Atome Financials claims it has a generous number of Atome Card users that is growing over 20 percent monthly and a lending business through Atome Cash.

Its PayLater Anywhere Card allows users in the Philippines to pay anywhere where a MasterCard is accepted including in e-commerce platforms such as Lazada and retail chains like SM stores and supermarkets.

The fintech firm has also partnered with insurance provider, Chubb, for the launch of its first insurance product, Bill Secure, in the Philippines.

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