GoBear has secured $17 million in funds that it says will drive its efforts to change into a “full-fledged monetary companies platform”. It plans to concentrate on three development areas, specifically, on-line monetary grocery store, digital insurance coverage brokerage, and digital lending.
Launched in Singapore in 2015, the fintech agency now operates in six different markets within the area together with Hong Kong, Indonesia, Thailand, and Vietnam. Its on-line platform affords greater than 2,000 private monetary merchandise encompassing insurance coverage, banking, and lending companies, and has served greater than 55 million customers.
Dutch VC agency Walvis Participaties and life insurance coverage and asset administration firm Aegon N.V. contributed within the newest funding spherical.
Citing figures from a Google, Temasek, and Bain & Firm examine, GoBear CEO Adrian Chng stated an estimated 300 million individuals within the markets his firm focused remained underserved by present banking and insurance coverage companies. GoBear’s transformation technique aimed to handle native obstacles to monetary literacy and inclusion, Chng stated.
The corporate had began out as a metasearch engine, earlier than increasing right into a monetary companies platform on which customers might search and buy merchandise they wanted.
Having accomplished the majority of its enterprise transformation final yr, GoBear stated it could faucet the brand new funds to construct out its platform throughout three development areas: on-line monetary grocery store, digital insurance coverage brokerage, and digital lending. Chng added that its distinctive datasets enabled the corporate to higher assess threat in addition to co-create higher merchandise with its companions.
Based on GoBear, its digital insurance coverage brokerage companies grew 52% in common order value over the past three months. The product section just lately noticed the introduction of Go Journey, a white-label journey insurance coverage product launched with Chubb, in addition to Journey Buddy, supplied in partnership with Allianz.
GoBear additionally boosted its digital lending enterprise with the acquisition of AsiaKredit and noticed a 50% year-on-year income development from its loan merchandise.
The Singapore authorities earlier this month unveiled a SG$6 million ($3.44 million) grant to assist fintech firms address the pandemic, enabling them to faucet the funds to cowl their day-to-day bills in addition to create proof of ideas. This was along with a SG$125 million ($71.62 million) help package deal that was introduced final month to assist the native monetary companies trade and fintech corporations enhance their digital capabilities.