Grab is stepping up its consumer lending ambitions with the planned acquisition of Atome as it targets stronger financial services earnings by 2028.
The Financial Services segment, including Atome, is expected to generate US$500 million in adjusted EBITDA by then. Its gross loan portfolio is also expected to exceed US$6 billion.
The company also raised its overall 2028 adjusted EBITDA target from US$1.5 billion to US$1.7 billion following the Atome announcement.
Maybank Investment Bank estimates Atome could contribute about US$200 million to US$220 million in EBITDA, TechNode Global reported.
Grab has agreed to pay US$1.49 billion in cash for an initial 60% stake in Atome.
The transaction is expected to close by the third quarter of 2027, subject to regulatory approvals and other conditions.
Based on its estimate of the eventual consideration, Maybank calculates the deal at about 12 times Atome’s projected 2028 enterprise value to EBITDA.
The research house said Grab will need to make effective use of Atome’s lending infrastructure and merchant network across its wider ecosystem to support the valuation.
Maybank’s modelling suggests acquisitions account for about US$360 million of additional EBITDA in Grab’s upgraded 2028 outlook, partly offset by roughly US$160 million in further investment.
It noted that the guidance reflects the direct earnings contribution from acquisitions more clearly than any additional benefits from integrating those businesses across Grab’s platform.
Maybank maintained its buy rating and US$5.40 target price on Grab, while flagging execution and capital allocation risks around the Atome deal.
Featured image: Edited by Fintech News Singapore, based on image by Magnific
