Singapore-based financial comparison platform GoBear has raised an additional USD 17 million from existing shareholders Dutch venture capital fund Walvis Participaties and Netherlands-based financial services provider Aegon N.V., bringing its total raised capital to USD 97 million. The funding will be used to fund further long-term growth in the Asia-Pacific where GoBear aims to expand its consumer financial services platform.
Earlier this month, GoBear announced it had acquired Singapore-based digital lending platform AsiaKredit. The company plans to introduce lending-as-a-service (LaaS) via a network of over 100 partners to Southeast Asia where access to credit remains difficult. Digital lending is one of GoBear’s key business growth pillars, in addition to its digital insurance brokerage services and financial supermarket.
“The momentum is here. I think now is the time for tech and data to transform financial services,” GoBear founder and CEO Adrian Chng commented. “As a platform, we are really looking for partners to come with us for the next phase of growth and investment. I feel positive even with COVID-19, because I think that we will have more acceleration, and the opportunity to change people’s lives and benefit them and investors by solving tough problems will only increase.”
COVID-19 social distancing measures are beginning to ease across certain Asian countries. Singapore’s Health Ministry has announced a three-stage plan to lift circuit breaker measures from 2 June onwards. Hong Kong has also relaxed its social distancing measures, reopening entertainment facilities and allowing groups of 8 to dine out. However, Thailand has extended its state of emergency until the end of June and Indonesia has extended public gathering restrictions until 4 June.
Established in 2014, GoBear is an online platform that offers users the ability to search and compare credit cards, loans, banking products and financial products in the marketplace. A leading financial supermarket in Asia, GoBear currently offers services to over 40 million users across Hong Kong, Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam.