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GoBear raises $17M funds led by Walvis Participaties & Aegon N.V.

Author : Saipriya Iyer | Published Date : 2020-05-28 

GoBear, a Singapore-based fintech firm, has recently raised a new funding round worth $17 million led by Dutch Venture Capital Walvis Participaties & Aegon N.V. The company is a financial supermarket in Asia, which serves the main purpose of improving the financial health of customers.

GoBear is planning to use the fresh funds for accelerating its transformation into a comprehensive platform for financial service across 3 pillars, including digital lending, digital insurance brokerage, and online financial supermarket. It has been launched as a metasearch engine in 2015, which serves as a one-stop platform that fulfils the needs of users by offering financial tools and products.

The company claims to have served around 55 million users by offering over 2,000 personal finance products. It has established its presence in Hong Kong, Vietnam, Thailand, Singapore, the Philippines, Malaysia, and Indonesia.

As per the statement made by Adrian Chng, chief executive officer of GoBear, the company plans to address the demands from customers in Asia (approximately 300 million people) in the markets by enhancing their financial health. GoBear’s aim is to cater to the customer needs that are yet underserved by the existing insurance and bank services. To ensure this, the company is undergoing expansion and addressing the customers’ issue in tackling key local barriers to financial inclusion and literacy.

GoBear, despite the ongoing coronavirus pandemic, has observed an increase in its gross margin since the end of the year 2019. For instance, it registered an increase in the average order value by 52% for the digital insurance brokerage as well as a Y-o-Y (year-on-year) revenue growth by 50% from loan products.

The company has also formed a collaboration with Allianz and Chubb, which are travel insurance product providers. It has also announced the acquisition of Asia Kredit, which is a digital consumer lender in Singapore, earlier in May 2020.

Source credit: https://kr-asia.com/gobear-notches-usd-17-million-fresh-investment-from-walvis-participaties-and-aegon

About Author

Saipriya Iyer

Saipriya Iyer

Saipriya Iyer presently works as a content developer for fractovia.org. Having dabbled with the domain of content creation for nearly half a decade, she now boasts of an enviable portfolio, holding substantial experience in penning down pieces related to technology, finance, and a wide spectrum of other industry verticals. A qualified computer engineering graduate from the University of Pune, Saipriya can often be found leveraging her knowledge of software technology and electronics in her write-ups. She can be contacted at- [email protected] | https://twitter.com/saipriya_i

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