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.