GoBear lays off 22 people to cut further costs amid Covid-19

Financial services platform GoBear has laid off 22 staff members from its offices in Singapore, Vietnam, the Philippines, and Ukraine as part of its cost-cutting measures to improve efficiency amid the pandemic.

Photo credit: GoBear

According to a statement, the number represents about 11% of GoBear’s total workforce. Those affected were part of the startups operations, product, and technology teams across its different offices. They will be provided with severance packages and post-employment support, the company said.

“Like many businesses, the repercussions from the current global Covid-19 situation have meant that we have had to take measures to adapt our business to overcome challenges and future-proof it for what lies ahead by focusing on our growth engines of digital lending and digital insurance brokerage,” GoBear CEO Adrian Chng wrote in a statement.

According to the company, it focused on reducing non-people costs first, with the layoffs coming in as an “absolute last resort.” During the past few months, GoBear said it has reviewed and implemented various cost-cutting measures, including halting non-essential projects and reducing fixed costs and software licenses.

Looking ahead, Chng said the company will concentrate on two key areas of growth: digital lending and digital insurance brokerage.

Founded in Singapore, GoBear operates a financial supermarket for financial know-how, tools, and products. In May of this year, the company said it planned to further expand its online financial supermarket, digital insurance brokerage, and digital lending services after banking US$17 million in new funding.

The round came after GoBear’s acquisition of end-to-end digital consumer lender AsiaKredit for an undisclosed sum. With the acquisition, the company said it will introduce “lending-as-a-service” to its network of more than 100 partners, helping them offer loans to underserved consumers in Southeast Asia and Hong Kong.