Fintech firm SuperAtom snags USD 24 million from Gobi Partners and Cheetah Mobile

SuperAtom has a presence in Indonesia through P2P lending platform UangMe.

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Southeast Asian fintech startup SuperAtom has bagged USD 24 million from Gobi Partners through its Meranti ASEAN Growth Fund, with NYSE-listed Cheetah Mobile as a co-investor.

SuperAtom is a startup incubated by and spun off from Cheetah Mobile, a Beijing-headquartered mobile internet company. It launched a P2P consumer lending platform called UangMe in Indonesia in early 2018 and obtained a license from the country’s financial authority OJK in the same year. UangMe has been downloaded nearly five million times so far, according to an official statement.

The company has a mission to provide accessible financial services by taking low-cost funds from more mature markets such as Europe, Japan, Singapore, and the US, then combining them with proven technology and business models from China, and localizing them for Southeast Asian markets such as Indonesia, SuperAtom’s statement said.

Cheetah Mobile will also help SuperAtom develop a risk management system by utilizing its big data platform.

Besides Indonesia, the company is also eyeing entry into the Philippines due to its population of 100 million and 6.2% GDP growth. SuperAtom is currently preparing its expansion to the Philippines as it recently obtained the relevant financial license from the Philippines Securities and Exchange Commission, according to Scarlet Xiao, founder and president of the board of SuperAtom, in a statement.