Singapore-based financial product comparison site GoBear said Monday it has acquired end-to-end digital consumer lender AsiaKredit, as it continues to expand its business and regional reach.
Headquartered in Singapore, AsiaKredit provides consumer finance products to underserved consumers in the Philippines. Through its flagship mobile app, pera247, it claims to have processed over 1 million loan applications via fast and convenient lines of credit not provided by traditional banks.
The acquisition will accelerate GoBear’s plans to drive growth through digital lending, one of three key business pillars, besides digital insurance brokerage and financial supermarket, the company said in a statement.
“The establishment of an industry-leading lending business is a critical component of GoBear’s strategy to support our banking partners in providing loans to the many underserved consumers in Asia. With AsiaKredit’s sophisticated data-driven underwriting and collections capability, which sets them well apart from lenders in the region, the acquisition will allow GoBear to accelerate strategic plans by giving us access to end-to-end digital lending capabilities,” GoBear CEO Adrian Chng said.
The acquisition will also see GoBear improve financial inclusion by introducing lending as a service (LaaS) to its network of more than 100 partners, helping them provide loans to underserved consumers in Southeast Asia and Hong Kong. It will also see the expansion of a direct consumer lending service through pera247.
“Both GoBear and AsiaKredit share a vision to offer accessible and responsible financial services to those across the region. This acquisition represents a fantastic opportunity for AsiaKredit to leverage GoBear’s regional presence and expand the reach of our credit lending services to Southeast Asia and Hong Kong’s underserved consumers,” said AsiaKredit co-founder and CEO Mike Singh.
GoBear earlier said it has raised over $30 million in early-2019, bringing the total funds raised to $80 million. The funds were raised from Dutch venture capital fund Walvis Participaties and financial services provider Aegon N.V. Both are the sole two investors on GoBear’s cap table.