Asian GoBear secures $80m to develop digital financial platform
Asian financial supermarket GoBear, has confirmed $80 million funding to grow its mobile financial products and invest in technology innovators across the region.
With the funds, from financial services provider Aegon N.V and Walvis Participaties, a Dutch venture capital fund, the Singapore-based company plans to grow its digital platform. This will mean developing search, match and transact consumer financial services, as well as increasing its partner network and fill key roles.
The company said that opportunities in the region were being opened up by “several large interconnected developments” such as “world-beating economic growth, rapid urbanisation, a fast-growing middle class and mobile everywhere”. A study by EY in 2018 predicted that the region’s digital economy would reach $270 billion by 2025.
GoBear added that many consumer products and services “remain ill-suited to the mobile generation” with cash transactions “the norm”. It said that a cash-based economy limits consumers’ financial access because it limits people from building up a personal financial profile, which financial institutions use to assess and price customers’ risk, and evaluate product suitability.
Pam Chuang, VP, regional sales at GoBear Singapore, said: “[Our] 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.”
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.”
GoBear has 1,800 consumer financial products, with more than 40 million users across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Its partners include banks and insurers such as Allianz Worldwide Partners, Citibank, FWD Insurance and Standard Chartered Bank.
