Atome Philippines has closed a wholesale facility worth approximately USD 81 million (PHP 5 billion) with Asia United Bank (AUB), securing local currency capital to support the company's continued expansion in the Philippines.
Funding to support card expansion
Proceeds from the facility will primarily support continued growth of the Atome PayLater Anywhere Card, which has been issued to more than 3 million Filipinos. According to Atome, up to 80% of cardholders are first-time users, and 65% are women, with the majority using the card for everyday expenses such as groceries, food, household items, and telecommunications and utility bill payments. Card adoption has extended beyond Metro Manila to customers across Luzon, Visayas, and Mindanao.
Broader product portfolio and funding diversification
In addition to the PayLater Anywhere Card, Atome's product portfolio in the Philippines includes lending, savings, and insurance offerings, aimed at expanding access to financial services for Filipinos who remain underserved by traditional banking channels. The facility, denominated in Philippine pesos, adds a local currency funding line to Atome's broader funding base, which the company said reflects AUB's assessment of its credit profile and operating model.
Company commentary
A company official at AUB said the credit facility reflects the bank's approach to supporting fintech platforms that contribute to the Philippine financial ecosystem, while maintaining credit standards. Another AUB official said the partnership is intended to advance financial inclusion while preserving rigorous credit assessment practices.
A company official at Atome Philippines said the facility validates the company's market position and provides local currency funding at scale, adding that it is intended to support the company's growth while diversifying its funding mix with local capital. The official said the facility is also intended to support the Philippine economy and the company's aim of serving underbanked Filipinos with accessible financial tools.
Positioning within the Philippine fintech sector
The facility reflects continued interest from Philippine banks in providing local currency funding to fintech platforms operating in consumer lending and buy-now-pay-later services, an area that has seen growing demand among first-time credit users, particularly outside major urban centres. As buy-now-pay-later products continue to expand into segments underserved by traditional banking channels, partnerships between fintechs and local banks may continue to serve as a mechanism for diversifying funding sources while extending credit access more broadly across regional markets in the Philippines.
