GoBear nets $17m to further expand its financial services platform

Singapore-based fintech company GoBear announced that it has secured US$17 million from Dutch venture capital firm Walvis Participaties and life insurance company Aegon NV.

According to GoBear, the new funds will go into further expanding its financial services platform across three pillars: an online financial supermarket, digital insurance brokerage, and digital lending.

Photo credit: GoBear

Since the end of last year, the startup claims to have seen a positive gross margin due to growth across its insurance and lending verticals. In the last three months, its digital insurance brokerage segment saw a 52% increase in average order value amid Covid-19, GoBear said.

It also launched a white-label travel insurance product called Go Travel, launched in collaboration with insurer Chubb, as well as Travel Buddy with financial services company Allianz.

Early this month, GoBear said it acquired AsiaKredit, an end-to-end digital consumer lender, to reinforce its digital lending business.

In line with its growth strategy, GoBear appointed Valeriy Gasratov as chief information technology officer, Jinnee Lim as chief strategy officer, and Mike Singh from AsiaKredit as chief lending officer.

Launched in 2015 as a metasearch engine, GoBear has grown into a one-stop financial services platform to offer financial know-how, tools, and products.

See: GoBear sees a ‘multibillion’ opportunity in bridging Southeast Asia’s credit needs

It has a presence in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. To date, the company says it has served over 55 million users searching for more than 2,000 personal financial products.

The fresh investment marks its fifth fundraise, said GoBear, following its US$80 million funding also from Walvis and Aegon last year.