GoBear acquires AsiaKredit
Aegon-backed Singaporean financial comparison site GoBear has acquired AsiaKredit, a consumer lending platform launched in 2017, which issues short-term loans ranging from 30 days to six months through its mobile application.
Following the acquisition, GoBear, which raised $80 million last year, will offer lending-as-a-service to its 100 banking and insurance partners, helping them offer loans to underserved consumers in Southeast Asia and Hong Kong, while also expanding its direct consumer lending service through AsiaKredit’s Pera247, a consumer lending app in the Philippines.
Founded in 2015, GoBear has served over 40 million users to date, with revenue from its consumer finance products increasing by over 100% last year.
“With AsiaKredit as part of the GoBear family, we will be in a stronger position to fulfill our mission of improving the financial health of the underserved across Southeast Asia and Hong Kong. GoBear and AsiaKredit, together with our banking partners, will be able to offer millions of consumers access to an alternate source of credit and ethical lending.” – Adrian Chng, CEO of GoBear.