Grab buys majority of Atome, signaling shift to ecosystem-based BNPL models

Grab's US$1.5 billion purchase of a 60% share in Atome Financial reflects a broader industry trend of integrating BNPL services into larger digital platforms. Standalone BNPL providers have been pressured by regulatory caps on daily interest rates in Indonesia and rising customer-acquisition costs, leading to exits in markets such as Singapore. Atome, which reported 80% revenue growth to US$470 million in 2025 and processed over US$4 billion in GMV, brings a wide Southeast Asian merchant network and credit-underwriting expertise to Grab.

The acquisition gives Grab a larger consumer base, richer transaction data, and the ability to offer cheaper financing through its ecosystem. Experts say the Asia-Pacific BNPL market could reach US$358.6 billion by 2030, but success will depend on access to capital and data. The move signals that independent BNPL models may need to become part of larger financial services platforms to remain viable.