Singapore-based financial comparison startup GoBear appears to have run into rough waters.
Two of its co-founders – chief technology officer Ivonne Bojoh and chief commercial officer Marnix Zwart – have resigned from the startup. GoBear is also understood to be shutting down its Indonesian arm after just a year of operations.
The development was first reported by the Business Times.
GoBear CEO Adrian Chng confirmed the top-level exits, stressing that the company is in expansion, not contraction mode.
Chng said in an email statement to DealStreetAsia: “We can confirm that GoBear has recently made personnel changes within the organisation. Such decisions are never taken lightly, but are not uncommon for a growth stage company in a rapidly changing marketplace.”
He added: “GoBear is continuing to focus on long-term growth in Asia Pacific, following successful funding rounds. We are actively expanding our operations across the region and are committed to achieving our mission of improving financial health.”
Founded in 2015, GoBear lists a variety of products across loans, credit cards and insurance on its platform. It boasts over 40 million users in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
GoBear was started by four co-founders of whom only one remains in the company now – chief financial officer Frank Stevenaar. Its former chief executive and co-founder Andre Hesselink left GoBear in July 2018. Adrian Chng became GoBear’s CEO following Hesselink’s departure.
GoBear raised over $30 million in early 2019, bringing its total external capital to $80 million. The two investors on GoBear’s cap table are Dutch venture capital fund Walvis Participaties and financial services provider Aegon N.V.
The Singapore-based company has previously said that it intended to use the funds to develop its product and technology, expand its partner network, and fill key roles. This involved improving the platform’s search and match function, and forging partnerships with and making investments into relevant technology companies.
