GoBear to shut down

GoBear, the online financial comparison platform that was launched as a result of a partnership between Aegon and Dutch venture capital fund Walvis, will cease operations after raising $97 million.

The company shared the following on LinkedIn:

“It’s with a heavy heart that today we’re sharing that GoBear will be ceasing operations and begin the process of closing the business.

The global pandemic has created a challenging operating environment, and despite our best efforts, we have so far been unable to raise more funding.

We began our journey in 2015 as a metasearch engine and grew to take on the mission of improving people’s financial health across Asia.

It’s been quite a ride with the opening of new markets, launching new products, and building our financial services and data platform one step at a time.

We had amazing employees, partners, vendors, and fans along the way that made our accomplishments possible.

Thank you to everybody who believed in us and has been part of our journey.”

Last May, GoBear announced a $17 million investment from Aegon and Walvis as well as the acquisition of AsiaKredit, a consumer lending platform that issues short-term loans ranging from 30 days to six months through its mobile application.

The company has 165 employees in six offices across Asia, and according to LinkedIn, its workforce saw an 18% decline in the past six months.