- The contemporary injection of capital marks GoBear’s fifth fundraise up to now.
- The spherical got here from GoBear’s long-term buyers: Walvis Participaties, a Dutch enterprise capital agency and Aegon N.V., one of many world’s main suppliers of life insurance coverage, pensions and asset administration.
- This strategic fundraise can be used to speed up GoBear’s transformation right into a full-fledged monetary companies platform constructed on different knowledge.
SINGAPORE, Might 28, 2020 /PRNewswire/ — GoBear (www.gobear.com) – Asia’s main monetary companies platform for insurance coverage, banking and lending merchandise – has raised US$17M from Walvis Participaties and Aegon N.V to speed up its transformation right into a full-fledged monetary companies platform.
“To really enhance monetary well being in Asia we should tackle the roughly 300 million folks in our markets that stay underserved by current banking and insurance coverage companies. GoBear’s transformation is a response to this by tackling necessary native obstacles to monetary literacy and inclusion,” mentioned Adrian Chng, CEO of GoBear.
A good portion of the enterprise’ transformation was accomplished in 2019 and with this funding, GoBear can be well-positioned to proceed its growth of the monetary companies platform throughout three progress pillars: a web-based monetary grocery store, digital insurance coverage brokerage, and digital lending, all constructed on a robust basis of other knowledge.
“Our newest fundraise is validation that our buyers proceed to see our potential for progress and that we’re on observe to construct a strong monetary companies platform that Asia actually wants. Constructed on our robust basis of other knowledge, we are able to higher assess and price danger, co-create higher merchandise, and finally enhance monetary inclusion,” added Adrian.
GoBear’s enterprise model has confirmed to be resilient regardless of hurdles like COVID-19. Its monetary companies platform has been gross margin constructive for the reason that finish of 2019 following progress throughout the insurance coverage and lending verticals.
Within the final three months, its digital insurance coverage brokerage phase noticed a 52% improve in common order value and launched GoBear exclusives to raised meet client wants – “Go Journey”, a white-label journey insurance coverage product with Chubb and “Journey Buddy” in partnership with Allianz. GoBear bolstered its digital lending enterprise with the acquisition of AsiaKredit, a number one end-to-end digital client lender and has registered a 50% year-on-year income progress from loan merchandise.
In step with the staff’s imaginative and prescient for its subsequent stage of progress, GoBear additionally strengthened its senior administration by welcoming Valeriy Gasratov as Chief Data Know-how Officer, Jinnee Lim as Chief Technique Officer in March, and Mike Singh from AsiaKredit as Chief Lending Officer in Might.
“It is thrilling to be a part of a daring mission to enhance the monetary well being of individuals in Asia. With our knowledge and know-how, GoBear is positioned to have a big impact on the way forward for monetary companies within the area,” mentioned Valeriy Gasratov, Chief Data Know-how Officer of GoBear, who brings greater than 20 years of technical fintech and eCommerce experience to the staff.
GoBear first launched in 2015 as a metasearch engine. It has since grown to be a monetary companies platform that gives customers a one-stop platform to go looking and purchase the product they want. Thus far, GoBear has served over 55 million customers looking for greater than 2,000 private finance merchandise.
GoBear is Asia’s main monetary companies platform whose mission is to enhance your monetary well being. We empower customers with the know-how, instruments, and monetary merchandise to satisfy their wants.
Our monetary companies platform includes a web-based monetary grocery store, digital insurance coverage brokerage, and digital lending all constructed on a robust basis of other knowledge. Thus far, we now have served over 55 million customers looking for greater than 2,000 private monetary merchandise.
As a fintech chief, we’re bringing modern options to handle necessary native market challenges. Our different knowledge – together with client behaviour and digital footprints – offers us essential insights to raised assess and price danger, work with companions to determine market gaps, and co-create higher monetary merchandise.
Having commenced in Singapore since early 2015, we’re now in 7 markets: Hong Kong SAR, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.