Grab Acquires Stake in Buy-Now Pay-Later Platform Atome for $1.49 Billion
Grab Holdings has announced plans to acquire an initial 60% stake in Singapore-based buy-now, pay-later platform Atome Financial for $1.49 billion in cash, with the remaining 40% expected to be acquired within two years after closing. The move is part of Grab's strategy to expand its financial services business into consumer lending, a sector identified by CFO Peter Oey as the 'next frontier.' Grab also raised its long-term outlook for 2028 and plans to complete $900 million in share repurchases over the next year. The acquisition is expected to close in the coming year, with Atome's financial contributions becoming more significant by late 2024 and into 2028. Grab anticipates its financial services segment will generate $500 million in adjusted EBITDA by that time.
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