Standard Chartered invests $500m in BNPL fintech Atome

The partnership is eyeing 16 million customers by 2025.

Standard Chartered is backing fintech firm Atome Financial by committing $500m in financing as part of their 10-year multi-product strategic partnership.

Atome Financial operates one of the largest buy now pay later (BNPL) platforms in Asia, Atome, as well as digital lending platform Kredit Pintar in Indonesia.

Aside from the $500m in financing, Standard Chartered will support Atome to grow its customer base.

Coupled with Standard Chartered’s extensive footprint and banking expertise, this strategic partnership aspires to reach over 16 million customers by 2025 and gain access to multiple financial ecosystems in order to capture a share of the digital lending market, valued at $92b by 2025 in Southeast Asia alone.

“This partnership with Atome Financial gives us the opportunity to be part of the rapidly growing digital consumer finance ecosystem and provides convenient and relevant digital financial products to complement and enrich clients’ digital lives. Our deep knowledge of Asia’s markets coupled with Atome Financial’s experience in digital consumer finance will allow us to reach even more customers and drive greater financial participation of those underserved and underbanked,” Judy Hsu, CEO of the consumer, private and business banking at Standard Chartered Bank  said.