Grab to buy 60% of Atome for USD 1.49 bn, remainder to follow in a second stage

Facts

On 15 September 2026 Grab announced it will acquire 60% of Singapore-based Atome Financial for USD 1.49 bn in cash, of which USD 260 m is primary capital for growth (source: Grab). ¹ The remaining 40% will be acquired about two years after first-stage completion. The price will be set at 13.0x annualised adjusted EBITDA (75% weight) and 2.5x annualised revenue (25% weight), subject to a valuation of USD 2.0–4.5 bn, with at least 50% paid in cash. Completion is expected in Q3 2027, subject to regulatory approvals (source: Grab). ²

Atome operates in Singapore, Malaysia, the Philippines, Indonesia and Thailand, with 25 million cumulative transacting users, more than 30,000 brand partners and, at end-June 2026, a gross loan book of USD 1 bn (unaudited). Revenue and profit were not disclosed. Grab said delinquencies were 'improving or stable' across borrower cohorts (source: Grab). ³

Grab targets adjusted EBITDA of USD 500 m and a loan book (including Atome) of more than USD 6 bn in its financial services segment in 2028, and group adjusted EBITDA of USD 1.7 bn in 2028 (source: Grab). Maybank Investment Bank estimates Atome could contribute EBITDA of USD 200–220 m by 2028 (source: Fintech News Singapore, 18 September 2026).

Regulatory context: under Malaysia's Consumer Credit Act 2025, BNPL providers must obtain a licence from the Consumer Credit Commission (SKP) within a six-month transition period starting 1 June 2026 (source: SKP).

Analysis

Paying USD 1.49 bn for 60% implies about USD 2.5 bn for the whole company, or about 2.5x its loan book (T&S calculation; includes any control premium). In scale terms, Atome's USD 1 bn (unaudited) compares with Grab's 2028 financial-services loan target of more than USD 6 bn, so most of the growth must come from Grab's own customer base. A platform holding everyday ride-hailing, delivery and payments data is buying a credit engine outright, marking a shift for BNPL from a stand-alone scale race to integration into large customer bases. Pricing the remaining stake on an EBITDA multiple makes post-integration profitability the focus for both seller and buyer. Rising regulatory costs, such as Malaysia's licensing requirement, may also encourage consolidation.

Implications

Counterpoints and uncertainties

The deal requires regulatory approval in five markets, and completion is about a year away. Atome's specific delinquency rates, revenue and profit are not disclosed, so the valuation cannot be assessed externally. Maybank flags execution and capital-allocation risks; if integration disappoints, targets may be missed. Platforms that internalise credit bear arrears losses themselves in a downturn, making earnings more volatile. The implied whole-company value is a simple T&S calculation.