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.

The post Singaporean fintech Gobear secures $17 mn funding to fuel expansion appeared first on International Finance.

Last May, the fintech raised $80 million from Walvis Participaties and Aegon, media reports said. With the acquisition, GoBear will introduce lending as a service to partners and enable them to offer loans to underserved consumers in Southeast Asia and Hong Kong. This service is facilitated through AsiaKredit’s Pera247.

Pera247 is a consumer lending app in the Philippines. Adrian Chng, CEO of GoBear, told the media, “The establishment ofan industry-leading lending business is a critical component of GoBear’s strategy to support our banking partners in providing loans to the many underserved consumers in Asia. The acquisition will allow GoBear to accelerate strategic plans by giving us access to end-to-end digital lending capabilities.”

According to a study published by Bain & Company, credit access is an issue in Southeast Asia on the back of 296 million people underbanked or unbanked. The fintech’s efforts to provide access to credit has become significant among consumers. It is reported that credit access in developing countries may decline in 2020 as a result of the pandemic.

Recently, GoBear co-founder Marnix Zwart has joined Standard Chartered’s retail banking division as global head of partnerships, according to media reports. The British bank is making strategic hires to boost its digital capabilities. This is especially important at this time as social distancing has increased the adoption of digital banking services.

Zwart will explore new partnership opportunities to expand clientele and create digital experiences for Standard Chartered’s clients.

The post GoBear acquires AsiaKredit to increase credit access in Southeast Asia appeared first on International Finance.