Grab's proposed Atome Financial acquisition is subject to regulatory approvals and other customary closing conditions, so ownership has not changed. Its press release and SEC-filed Exhibit 99.1 use dollar signs without specifying a currency.

The agreement also includes a Phase 2 purchase of the remaining 40% about two years after Phase 1 closes.

What Phase 1 includes

The $1.49 billion first phase covers a controlling 60% equity interest. The amount includes $260 million of primary growth capital for Atome Financial. Grab says the transaction would be funded entirely from its existing cash and expects it to be accretive to group adjusted EBITDA after completion. Those are the company's stated funding plan and forecast.

After Phase 1 closes, Grab says it will consolidate Atome Financial into its Financial Services segment. The SEC filing describes Atome Financial as operating in Singapore, Malaysia, the Philippines, Indonesia and Thailand. In Thailand, it has a minority stake in a joint venture. Its products include buy-now-pay-later loans, consumer cash loans, BNPL cards and digital lending. Atome Financial's management team is expected to continue running the business after completion.

The SEC exhibit reports a $1 billion gross loan portfolio as of June 30, 2026, based on Atome management accounts for the six months then ended. The accounts are unaudited. The measure covers outstanding loan balances that are current or up to 90 days past due, before provisions; it describes the gross book rather than a net credit-loss figure. The six-month period describes the management accounts, while the $1 billion portfolio is a point-in-time balance, not a six-month volume of new lending.

How Phase 2 would be priced

The later purchase is structured around a valuation formula. It uses Atome Financial's annualized adjusted EBITDA and revenue during the six months immediately before Phase 2 closes. The formula applies a 13.0-times multiple to adjusted EBITDA and a 2.5-times multiple to revenue, weighting the measures at 75% and 25%.

The formula sets a $2.0 billion floor and a $4.5 billion cap on Atome Financial's equity valuation. That valuation is not a fixed cash payment for the remaining 40%. At least half of Phase 2 consideration will be cash, but the release gives no fixed price today.

Annualized figures convert the six-month results into a yearly rate before the multiples are applied.

Concept graphic separating the value of a whole company from an unsigned purchase document under VALUE ≠ PAYMENT.
The Phase 2 floor and cap apply to Atome's equity valuation, rather than a fixed payment for the remaining 40% stake.

Why Grab says the businesses fit

Grab describes Atome Financial as an established consumer-lending operator with a merchant base. The company says combining Atome's lending infrastructure with Grab's ecosystem could create new distribution and cross-selling opportunities across five Southeast Asian markets. It says the businesses have limited product overlap and that its own financial-services team has built lending products for drivers and merchants.

The SEC filing says Atome Financial had 25 million cumulative transacted users, based on management accounts that have not been reviewed or audited. Grab also describes its own ecosystem of monthly transacting users and Atome's network of brands as potential distribution channels. Those are company-reported metrics and rationale, not independently audited measures of future sales. The SEC exhibit says the deal does not change either company's licensing, consumer-protection, data-privacy or responsible-lending obligations in each market.

Subject to closing timelines, Grab's 2028 targets include Atome: $500 million in Financial Services segment Adjusted EBITDA and a gross loan portfolio above $6 billion. It also raised its group targets to $1.7 billion in Adjusted EBITDA and more than 30% revenue compound annual growth from 2025 to 2028. Adjusted EBITDA is a company-defined non-IFRS measure, not net profit; Grab says it should be read alongside IFRS measures rather than as a substitute for them. These are forward-looking targets, not achieved results, and the filing lists approval, integration, employee-retention and execution risks.

What customers know now

The announcement concerns the proposed ownership change and financial-services strategy. It gives no new borrowing rates, eligibility rules or account terms for current Atome users. Grab said Atome's management team would continue leading the business after a possible Phase 1 closing, but it did not provide a product-change timetable.

The next transaction test is whether Phase 1 receives regulatory approval and closes by the expected third quarter of 2027. The SEC filing says the deal could be delayed or fail to close, and that the expected benefits may not materialize.