Grab is buying Singapore-based buy-now, pay-later platform Atome Financial as it looks to expand in consumer lending. The company announced it would acquire an initial 60% controlling stake in Atome for $1.49 billion in cash, with plans to buy the remaining 40% roughly two years after the first transaction closes. The two-stage structure was partly designed to "de-risk" the transaction from a capital allocation perspective, CFO Peter Oey told CNBC's " Squawk Box Asia " on Wednesday. Grab shares closed 3.64% lower on Nasdaq following the announcement. The acquisition is part of Grab's push to scale its financial services business beyond its existing offerings, with the company betting that Atome can help expand its reach in consumer lending.
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