News Technology16 May 2019

Singapore:Financial supermarket GoBear announces US$80m in funding

16 May 2019

Singapore-based financial supermarket GoBear, has announced $80m in total funding.

GoBear, partnering with more than 100 leading financial institutions, including Allianz Worldwide Partners, Citibank, FWD Insurance and Standard Chartered Bank currently serves 40m users with 1,800 consumer financial products, including insurance plans, across Southeast Asia and in Hong Kong.

GoBear will use the funds to drive growth through product and technology enhancements, expand its partner network, and fill key roles. Improvements to the platform’s search and match functionality will also include two strategic approaches: partnerships with, and investments into other technology companies, to acquire access to additional key technology.

This funding was furnished by Walvis Participaties, a Dutch venture capital fund, and Aegon, a leading financial services provider.

GoBear is a financial supermarket whose purpose is to improve Asia’s financial health by making financial literacy, financial inclusion, and financial security attainable for everyone. Its users are spread across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

Mr Adrian Chng, CEO of GoBear said, “Our latest round of funding will be invested in our priority areas of product, technology, senior management and technical talent. We are also very interested in partnering with and/or investing in other technology companies who have developed exciting new technologies that will enhance our ecosystem and our ability to improve people’s financial health. Specific areas include customer onboarding and fulfilment solutions, personal financial management, alternative credit scoring, financial education, and investment platforms.”

Opportunities in the region are being driven by several large, interconnected developments: economic growth, rapid urbanisation, a fast-growing middle class and mobile everywhere.

At the same time, many consumer products and services remain ill-suited to this mobile generation, and cash transactions are the norm. The prevalence of a cash-based economy limits consumers’ financial access, because without a personal financial profile, financial institutions cannot assess and price customers’ risk and evaluate product suitability.

“GoBear’s purpose is to improve your financial health. We enable consumers to make informed choices across 14 personal financial product areas, including insurance, personal loans, deposits, and credit cards, in a simple and transparent way. Our product, technology and financial partners allow users to search for financial products and find the best match for their personal objectives,” said Ms Pam Chuang, VP, Regional Sales, GoBear Singapore.

As a home-grown company created with the vision of improving Singaporeans’ financial health, GoBear Singapore is actively recruiting talent in its Singapore office and in its regional headquarters, and across the ASEAN region.

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