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Startups

Singapore fintech GoBear raises $17m fresh investment

Funding to speed up digital insurance brokerage and lending

Singapore headquartered fintech GoBear also has a presence in Indonesia, Malaysia, the Philippines, Thailand, Vietnam and Hong Kong.   © Reuters

JAKARTA -- Singapore-headquartered fintech GoBear has raised $17 million in a new funding round from Dutch venture capital firm Walvis Participaties and life insurance and asset management company Aegon N.V., it announced on May 27.

The company will use the fresh capital to speed up its transformation into a comprehensive financial service platform across three areas -- an online financial supermarket, digital insurance brokerage and digital lending.

Launched in 2015 as a metasearch engine, GoBear describes itself as a one-stop platform where users can find various financial products and tools for their needs. The company claims to have served over 55 million users searching for more than 2,000 personal finance products.

GoBear currently has a presence in Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam and Hong Kong.

"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," said GoBear CEO Adrian Chng in a statement. "GoBear's transformation is a response to this by tackling important local barriers to financial literacy and inclusion."

Despite the current coronavirus pandemic, GoBear said its platform had been gross margin positive since the end of 2019. The company reported a 52% increase in average order value for its digital insurance brokerage in the first quarter this year.

GoBear has teamed up with insurers Chubb and Allianz offering travel insurance products. Earlier this month, it acquired the Singaporean digital consumer lender Asia Kredit.

For the original story from KrASIA, click here.

KrASIA is a digital media company focused on technology-driven businesses and trends across the Asia-Pacific region. It is part of 36Kr, a tech news portal based in Beijing. Nikkei has a minority stake in 36Kr.

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