Singapore-based fintech startup GoBear has secured around $17 million in a fresh funding round to help it transform into a full-fledged financial services platform, according to media reports.
The funding round for GoBear was led by returning investors Walvis Participaties, a Dutch VC firm, and Aegon N.V., a Netherlands-based asset management company.
Reportedly, the startup will develop a online financial supermarket providing digital insurance brokerage and digital lending services. The startup also plans to expand in other markets across Asia.
GoBear chief executive officer Adrian Chng said in a press release, “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.”
“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.”
Established in 2014, GoBear has raised around $97 million in five separate funding rounds. In early 2019, the startup raised around $30 million from investors such Aegon N.V.
Recently, GoBear acquired digital consumer lender AsiaKredit for an undisclosed sum. AsiaKredit has a presence in seven Southeast Asian markets including Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
Recently, GoBear also announced some changes in its top management. According to the company, Valeriy Gastarov has joined GoBear as Chief Information Technology Officer; Jinnee Lim as Chief Strategy Officer and Mike Singh from AsiaKredit as Chief Lending Officer.