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GoBear raises $17m

  • Neil Martin
  • May 28, 2020
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  • 2 minute read
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Singapore-based GoBear has raised US$17m from Walvis Participaties and Aegon.

The financial services platform for insurance, banking and lending products will use the money to help its move into being a fully-fledged financial services platform built on alternative data.

Walvis Participaties is a Dutch venture capital firm and Aegon one of the world’s leading providers of life insurance, pensions and asset management.

This is GoBear’s fifth fundraise. 

Adrian Chng, CEO of GoBear, said: “To truly improve financial health in Asia we must address the approximately 300 million people in our markets that remain underserved by existing banking and insurance services. GoBear’s transformation is a response to this by tackling important local barriers to financial literacy and inclusion.”

GoBear said it is well-positioned to continue its expansion of the financial services platform across three growth pillars: an online financial supermarket, digital insurance brokerage and digital lending.

Chng added: “Our latest fundraise is validation that our investors continue to see our potential for growth and that we’re on track to build a robust financial services platform that Asia really needs. Built on our strong foundation of alternative data, we can better assess and price risk, co-create better products, and ultimately improve financial inclusion.”

The company said in the last three months, its digital insurance brokerage segment saw a 52% increase in average order value. It also launched GoBear exclusives to better meet consumer needs: “Go Travel” a white-label travel insurance product with Chubb and “Travel Buddy” in partnership with Allianz. 

GoBear also said that it had reinforced its digital lending business with the acquisition of AsiaKredit, a leading end-to-end digital consumer lender and has registered a 50% year-on-year revenue growth from loan products.

GoBear first launched in 2015 as a metasearch engine and has morphed into a financial services platform that offers consumers a one-stop platform to search and buy the product they need. It has served over 55 million users searching for more than 2,000 personal finance products.

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Neil Martin

Neil Martin is the editor of Next Money. He is a financial journalist who writes on fintech, financial services and automation. He also wanted to be a backing singer for a R&B band, but he can't sing, so took up road cycling instead. Please feel free to follow him on Twitter, LinkedIn, or Medium. And email him if you have a story, or thoughts on fintech in general: [email protected]

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