SuperAtom raises US$22M to expand its consumer financing platform to LatAm

Singapore-based fintech startup SuperAtom has raised US$22 million in Series C financing led by Malaysia-based digital investment fund Nue 3 Capital.

The startup will use the funding to expand its global digital banking and credit products, starting with Mexico and the greater Latin America region.

Scarlett Xiao, Founder and CEO of SuperAtom, said: “In the coming months, we will begin establishing a local presence in these countries by hiring local talent, applying for local financial licenses, and focusing on new product development.”

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Founded in 2018 by Cheetah Mobile Co-Founder Scarlett Xiao, SuperAtom has developed UangMe, a credit platform providing access to low-cost financing in Indonesia. UangMe claims to have attracted millions of users and disbursed hundreds of millions of dollars in loans since launching in 2018.

In addition to this, SuperAtom also offers a Buy Now Pay Later (BNPL) feature.

SuperAtom sees comprehensive financial services for emerging market users as an essential move to win market share. It said that its lending and BNPL businesses have paved the way to serve consumers better and build trust with commercial partners, while other add-on features would gain significant consumer adoption.

In the future, the firm plans to introduce wealthtech products.

In September 2019, SuperAtom raised US$24 million from Gobi Partners and a consortium of investors.

According to research by Bain & Company, over six in ten Southeast Asians remain underbanked or unbanked today with limited access to credit, and an even larger portion of the population is unfamiliar with wealth management.

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