GoBear raises $17 million
Singapore-based financial aggregator GoBear has raised $17 million from Walvis Participaties and Aegon bringing its total funding to $97 million.
According to the company, last year it completed a significant portion of its transformation and is “well-positioned to continue its expansion of the financial services platform across three growth pillars: an online financial supermarket, digital insurance brokerage, and digital lending.”
In the last three months, its digital insurance brokerage segment saw a 52% increase in average order value and launched GoBear exclusives to better meet consumer needs – “Go Travel”, a white-label travel insurance product with Chubb and “Travel Buddy” in partnership with Allianz. GoBear reinforced its digital lending business with the acquisition of AsiaKredit, an end-to-end digital consumer lender and has registered a 50% year-on-year revenue growth from loan products.
“To truly improve financial health in Asia we must address the approximately 300 million people in our markets that remain underserved by existing banking and insurance services. GoBear’s transformation is a response to this by tackling important local barriers to financial literacy and inclusion.” – Adrian Chng, CEO of GoBear.