SG’s GoBear raises over $30m in capital, brings total raised to $80m

Photo by JESHOOTS.COM on Unsplash

GoBear, a Singapore-based financial comparison platform, 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.

According to GoBear, the funds will be used to develop its product and technology, expand its partner network, and fill key roles. This involves improving the platform’s search and match function, and may involve partnerships with and investments into relevant technology companies.

Adrian Chng, CEO of GoBear said: “We are very interested in partnering with and/or investing in other technology companies who have developed exciting new technologies that will enhance our ecosystem and our ability to improve people’s financial health. Specific areas include customer onboarding and fulfilment solutions, personal financial management, alternative credit scoring, financial education, and investment platforms”.

GoBear added that it will utilise its product, technology and data capabilities as key enablers in assessing and pricing risk, which will help partners better understand consumer preferences based on digital personas and journeys.

Founded in 2015, GoBear lists a variety of products across loans, credit cards and insurance on its platform. It has over 40 million users in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Its partners include financial institutions, banks and insurance providers like Allianz Worldwide Partners, Citibank, FWD Insurance and Standard Chartered Bank.

GoBear is led by Adrian Chng, who previously founded and led a number of fintech startups in the region.

From 2015 to 2017, he co-founded three startups: Fintonia Group, Credolab and AsiaKredit. Fintonia is a regional merchant bank, Credolab is a data-driven consumer credit scoring business, and AsiaKredit is an Asian digital lending business. Chng has also invested in and sits on the board of a number of other fintech companies such as Trunomi, Silent Eight, Asia Collect and Store Hub.

Also read:

SG-based venture builder FORUM to launch pre-Series A vehicle this year

Singapore startup CredoLab secures $1m from Walden International

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.