GoBear gets fresh capital from Aegon for expansion

Singapore-based GoBear, a financial services platform for insurance, banking and lending products, has raised $17 million from Walvis Participaties, a Dutch venture capital firm and insurance group Aegon N.V. to accelerate its transformation into a full-fledged financial services platform.

GoBear aims to expand its financial services platform across three growth pillars - an online financial supermarket, digital insurance brokerage, and digital lending, all built on alternative data.

“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,” said Adrian Chng, CEO of GoBear.

He 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.”

Valeriy Gasratov, chief information technology officer of GoBear, added: “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."