Grab Acquires Atome
Grab Agrees to Buy Majority Stake in Atome Financial for $1.49 Billion
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Key Points
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Grab will finance the acquisition’s 60% stake using internal cash, rather than external financing.
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Grab said its and Atome’s businesses do not overlap significantly: Atome focuses on flexible payments and consumer lending for users, while Grab has primarily expanded lending to drivers and merchant partners.
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The acquisition follows Grab’s 2026 purchases of an initial 50.1% stake in U.S. fintech Stash Financial for $425 million and Foodpanda’s Taiwan operations for $600 million, bringing its announced acquisition spending in the period to more than $2.5 billion.
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Grab’s financial-services segment recorded a $17 million adjusted-EBITDA loss in the first quarter of 2026, underscoring the financial risk of making a large lending acquisition before the division becomes profitable.
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Atome’s merchant network and credit-assessment capabilities are expected to accelerate growth beyond Grab’s existing gross loan portfolio, which stood at $1.44 billion in the first quarter of 2026.
Grab agreed to buy a 60% stake in Atome Financial, a buy-now-pay-later lender, for $1.49 billion in cash, marking MarketechApac's announcement of the Southeast Asian ride-hailing giant's largest financial-services deal. The acquisition, expected to close by the third quarter of 2027, will let Grab acquire the remaining 40% around two years later based on how well Atome performs.
Atome operates across five Southeast Asian countries with 25 million users and 30,000+ merchants. InsideRetail reports the full company could be valued at up to $4.5 billion by the deal's end. Grab plans to combine Atome's lending platform with its own ecosystem of 54 million monthly users, aiming for a combined loan portfolio exceeding $6 billion by 2028.
A Massive Bet on Consumer Lending Growth
Grab will pay $1.49 billion in cash upfront using its existing balance sheet, avoiding external debt or stock dilution. CFOStatement Peter Oey said the deal targets $500 million in adjusted EBITDA from Grab's entire financial-services division by 2028, up from an earlier goal. The move follows Grab's 2026 purchases of a 50.1% stake in U.S. fintech Stash Financial for $425 million and Taiwan's Foodpanda operations for $600 million, bringing announced acquisitions to over $2.5 billion.
Atome reported $470 million in revenue in 2025, up 80% year-over-year, and achieved profit for the second straight year. Pulse2 notes the company has built a $1 billion gross loan portfolio across five markets: Singapore, Malaysia, Philippines, Indonesia, and Thailand. Grab expects synergies from combining Atome's credit-scoring technology with its massive customer base and transaction data.
Why Grab Needs Consumer Lending, Not Just Rides
Grab has faced slowing growth in ride-hailing and food delivery as competition intensifies across Southeast Asia. USAHerald explains the company is betting consumer lending and payments can generate higher profits than mobility services. Grab's financial-services division reported a $17 million adjusted-EBITDA loss in the first quarter of 2026, showing the division still bleeds money despite the aggressive push.
Atome fills a critical gap: Grab had mostly built lending products for drivers and merchant partners, not consumers. YahooFinance reports Atome's existing focus on buy-now-pay-later and personal loans means the two businesses overlap very little. Grab gains access to Atome's underwriting expertise and merchant network without starting from scratch.
Stock Decline and the Financing Risk Ahead
Grab's stock fell roughly 40% in 2026 before the announcement, putting pressure on the company to show growth beyond delivery and rides. The $1.49 billion cash outlay represents a major bet on consumer lending at a time when MarketechApac shows the financial-services segment is still unprofitable. Grab must execute on cost-cutting and customer acquisition to justify the price.
The second phase of the deal ties Atome's valuation to future profits, with a floor of $2 billion and a ceiling of $4.5 billion. InsideRetail notes the structure rewards Atome for hitting profitability targets over the next two years. If Atome stumbles or credit losses spike in an economic downturn, Grab's second payment could shrink—protecting the buyer but signaling uncertainty about the risk.
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