Revenue Rises Last Year, Atome Financial Reaches Positive EBITDA in Q1 2024

Atome Financial's digital financial platform recorded operating income throughout 2023 of $170 million, an increase of almost 2x from the previous year's $88 million. Service parent paylater Atome and This Smart Credit has also turned EBITDA positive in Q1 2024.

In its official statement, this performance achievement was said to have been realized primarily thanks to the Atome Buy-Now-Pay-Later (BNPL) business which operates in a number of countries in Asia, including the Philippines, Indonesia, Malaysia and Singapore.

The company recognizes that there are significant macro challenges and cost rationalization in achieving this performance. However, Atome BNPL as a group was able to increase GMV by 40% (YoY) to $1,5 billion from the previous year's position.

According to Alternatives.pe data as reported TechinAsia, Atome experienced a 9% decline in revenue to $166,7 million. Atome Financial suffered losses earnings before interest and taxes (EBIT) $153,6 million driven by increased costs, including marketing, IT, and employee benefits.

Furthermore, he said operational efficiency, expanded cooperation, as well as expansion and diversification of financial services were a number of main factors driving its successful performance throughout 2023.

"We focus on implementing operations that are disciplined, efficient, and focus on business fundamentals so that company profits are maximized," said Atome Financial's official statement.

Partnerships with a number of platforms e-commerceLeading e-insurer and insurance company Chubb plays a critical role in driving revenue and user growth. Atome also adds new services to users via Atome Card and Atome Cash in the Philippines.

In previous interview with DailySocial.id, General Manager of Atome Indonesia Winardi Wijaya revealed that Atome adopted a different approach to similar service providers in accommodating user transaction needs. Atome, which launched in 2020, is targeting strategy omnichannel, namely entering offline and online merchants.

In 2022, Atome recorded that 60% of its total transactions in Indonesia will come from offline merchant, while 40% comes from online merchant.

Currently, Atome Financial operates in nine countries in Southeast Asia and China. Atome has also partnered with more than 5.000 retailers online and offline leading.