gest superapp has acquired a 60 per cent stake in digital lending company Atome Financial for US$1.49 billion. The deal is expected to close by the third quarter of next year.  Under the deal, Atome’s buy now, pay later (BNPL) loans and cards, as well as its consumer cash-loan business, would be folded into Grab’s financial services segment across Southeast Asia. “You’ve just seen the scale and discipline Atome already has, and this is exactly why we chose to acquire rather than build this ourselves,” Tan told investors. Following the announcement, Grab shares closed 3.64 per cent lower at US$2.91, according to AskTraders, leaving the stock near its 52-week low and down roughly 40 per cent for the year.  Why Grab is buying Atome Grab said Atome carries a gross loan portfolio of about US$1 billion, including more than 30,000 brands, and has served 25 million cumulative transacting users. “Atome Card gives consumers a pay later card they can use anywhere. Atome BNPL lets them shop and split purchases across their brand partners, and Atome Cash Loan gives them accessible credit when they need liquidity beyond a single purchase,” Tan said.  “Every product here is built around the individual consumer’s everyday spending and borrowing needs, covering the full range of scenarios whether they are paying at checkout, splitting up a purchase, or drawing down cash.” The company also factored in Atome’s growth record, which saw GMV growing more than nine times across the past six years. The company also posts positive adjusted EBITDA.  “What makes this more notable is that this growth has held up through periods of weaker macro conditions across the region, a sign of how durable the underlying demand for this business really is,” Tan added.  The selling point  As Grab’s merchant base is weighted heavily towards F&B, Atome’s merchant list became attractive.Atome’s 30,000-plus brands span from travel, electronics, home and lifestyle, fashion, beauty and e-commerce.“These are categories we’ve historically never served, sitting at a different point on the frequency and average order value spectrum than our own F&B-heavy merchant base, and it gives us a path to bolt on more products to serve these merchants over time,” Tan said. “Atome now gets access to cross-sell into our own merchant base, which is largely F&B. So this isn’t just Grab getting a new merchant network. It’s two ecosystems that can now sell into each other.” That strategic fit is also why analysts say the acquisition could help Grab scale BNPL faster without having to build the engine from scratch. “If you zoom out and look at the numbers, Grab has a very impressive user base,” said Vincent Fong, chief editor of Fintech News Singapore. “They have 53.9 million monthly active users. However, they don’t have the well-honed BNPL engine that Atome does. They’ve been trying for a couple of years, but they’re still falling behind players like Shopee Pay Later and Atome.” “I think this is the right play because, with BNPL under the umbrella of a broader set of services like Grab, it’s the right direction to take; it’s not the sole engine of profitability. You can position it as a loss leader to get users through the door, and then cross-sell other services to push profitability in that way.” Deal structure and outlook Fittingly for a BNPL acquisition, Grab is paying in two stages.  The first one is the $1.49 billion for 60 per cent, of which $260 million is primary growth capital injected into Atome. Phase two about two years after the first closing, covers the remaining 40 per cent at a price set by formula.  “We only pay full value for performance that Atome actually delivers,” Tan said. “The remaining 40 per cent is tied directly to Atome’s adjusted EBITDA and revenue performance over the next two years.” Grab paired the deal with fresh guidance. It now expects its gross loan portfolio to rise from more than US$3 billion at the end of this year to more than $6 billion by the end of 2028, and its financial services segment, including Atome, to deliver $500 million of adjusted EBITDA in 2028.  At group level, Grab lifted its 2025–2028 revenue growth target to a compound annual rate of more than 30 per cent, from 20 per cent, and raised its 2028 adjusted EBITDA target to US$1.7 billion from $1.5 billion. Further reading: Grab’s Taiwan gamble: Can a Southeast Asian giant win abroad?