‘GoBear’ Or Go Home: Fintech Platform Raises US$17M

GoBear

The funds will help expand GoBear’s financial services

Singapore-headquartered financial services platform GoBear has raised $17 million from existing backers Dutch venture capital firm Walvis Participaties and Dutch multinational corporation Aegon N.V., the startup announced in a statement yesterday.

The funding will be used to drive GoBear’s development as a full-fledged financial services platform built on alternative data, the statement said. The startup is currently expanding its financial services platform across an online financial supermarket, digital insurance brokerage, and digital lending.

CEO of GoBear Adrian Chng tells Jumpstart, “There are approximately 300 million people across GoBear’s markets who remain underserved by existing banking and insurance services and are unable to build up traditional credit scores that would allow them to seek such products.”

“The expansion of GoBear’s financial services platform across the three growth pillars – online financial supermarket, digital insurance brokerage, and digital lending – is built on a strong foundation of alternative data, which allows us to assess and price risk, and create financial products that are accessible for this underbanked group,” he continued.

The startup had earlier announced that it had raised $80 million in total fresh capital from Walvis Participaties and Aegon N.V. This is GoBear’s fifth fundraise, bringing the startup’s total capital pool to $97 million.

Launched in 2015 as a metasearch engine, GoBear has evolved to become a fintech platform that lets users search and buy financial products. The statement noted that GoBear has served over 55 million users with more than 2,000 personal finance products.

Along with Singapore, the startup also has offices across Southeast Asia in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

The statement noted that GoBear’s gross margin has been positive since the end of 2019, with growth across its insurance and lending verticals. It also said that the average order value of its digital insurance brokerage segment saw a 52% increase in the last three months.

In addition to launching travel insurance product Go Travel under a partnership with Chubb, GoBear also acquired end-to-end digital consumer lender AsiaKredit for an undisclosed sum in May this year. The acquisition is intended to power its business and regional reach.

Additionally, it has shuffled its senior management ranks by onboarding Chief Information Technology Officer Valeriy Gasratov, Chief Strategy Officer Jinnee Lim, Chief Lending Officer Mike Singh (former Co-Founder and CEO of AsiaKredit) earlier this year.

Gasratov said in the statement, “It’s exciting to be part of a bold mission to improve the financial health of people in Asia. With our data and technology, GoBear is positioned to have a huge impact on the future of financial services in the region.”

The appointments came just a few months after two of GoBear’s founders resigned last year. Following the resignation of Co-Founder Andre Hesselink in 2018, Co-Founders Ivonne Bojoh and Marnix Zwart also stepped down in November 2019.

This article has been updated with responses from GoBear

Header image courtesy of GoBear

SHARE THIS STORY

Share on facebook
Share on twitter
Share on linkedin
Share on email

RELATED POSTS

Exploring the Benefits, Risks and Ethical Concerns

AI in the Porn Industry: Exploring the Benefits, Risks and Ethical Concerns

According to research conducted by the Bedbible research center, as of 2023, the global porn industry makes US$100 billion a year. Pornography is so popular that around 25% of all internet searches made today are related to it. One reason behind its popularity is its ability to adapt to changing technologies, from releasing teledildonics (Bluetooth-enabled sex toys) to opening up sex clubs in the metaverse.

Why Male Birth Control Is So Hard to Create

Here’s Why Male Birth Control Is So Hard to Create

Despite significant strides in gender equality, the onus of preventing pregnancy disproportionately falls on women. As such, women have long relied on various birth control technologies, including contraceptive pills, intrauterine devices (IUDs) and vaginal gels to minimize the chances of unwanted pregnancies.

What Is the Sunk-Cost Fallacy and How to Avoid It

What Is the Sunk-Cost Fallacy and How to Avoid It

Sunk cost fallacy refers to a situation where an irrecoverable expense (“sunk cost”) has been made and is used as a justification to continue that endeavor, no matter how futile it may be. Almost all of us have made irrecoverable expenses in our day-to-day lives, like buying tickets to a film or a concert.

How News Affects the Stock Market

How News Affects the Stock Market

In January this year, the U.S.-based Hindenburg Research released a report accusing the Indian conglomerate Adani Group of stock manipulation and accounting fraud. The report received widespread media coverage, causing Adani’s stock prices to plummet. The founder and chairman of the Adani Group, Gautam Adani, lost US$34 million of his net worth in just a week after the report was released.

Indian Inventions You Probably Never Knew About

Indian Inventions You Probably Never Knew About

As home to one of the oldest civilizations in the world, India has contributed tremendously to the technological development of the world. Some of the most important inventions that originated in ancient India are the concept of the number “zero”, the game of chess and even the first known accounts of plastic surgery.

The Top 5 Biggest Flops of Shockvertising

The Top 5 Biggest Flops of Shockvertising

Shockvertising (shock+ advertising) is a tactic where an advertiser uses taboo subjects or provocative themes to incite a strong public reaction. This tactic has been known to be quite successful in raising awareness and encouraging behavioral change surrounding acquired immunodeficiency syndrome (AIDS) and human immunodeficiency virus (HIV).