Financial supermarket GoBear gets US$80 million funding
Singapore-based financial services supermarket will use funds to grow its product, technology and people capabilities and expand its platform
8 May 2019 | The Asset

Asian financial supermarket GoBear has announced US$80 million in funding from Walvis Participaties, a Dutch venture capital fund, and Aegon N.V, a leading financial services provider. 

GoBear will use the funds to drive growth through product and technology enhancements, expand its partner network, and fill key roles. Improvements to the platform’s search and match functionality will also include two strategic approaches: partnerships with and investments into other technology companies to acquire access to additional key technology.  

GoBear is a financial supermarket which aims to improve the region’s financial health by making financial literacy, financial inclusion, and financial security attainable. GoBear has served more than 40 million users across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. GoBear’s partners are financial institutions, banks and insurance providers including Allianz Worldwide Partners, Citibank, FWD Insurance and Standard Chartered Bank.

Adrian Chng, CEO of GoBear says, “Our latest round of funding will be invested in our priority areas of product, technology, senior management and technical talent. We are also 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.”

Opportunities in the region are being driven by several large, interconnected developments: world-beating economic growth, rapid urbanisation, a fast-growing middle class and mobile everywhere, while the region’s digital economy alone is projected to reach S$270 billion (US$198 billion) by 2025. 

At the same time, many consumer products and services remain ill-suited to this mobile generation, and cash transactions are the norm. The prevalence of a cash-based economy limits consumers’ financial access because without a personal financial profile, financial institutions cannot assess and price customers’ risk and evaluate product suitability.

“GoBear’s purpose is to improve your financial health. We enable consumers to make informed choices across 14 personal financial product areas including insurance, personal loans, deposits, and credit cards in a simple and transparent way. Our product, technology and financial partners allow users to search for financial products and find the best match for their personal objectives,” says Pam Chuang, VP, regional sales, GoBear Singapore.

GoBear Singapore has strong partnerships with financial institutions including DBS, HSBC, and FWD Insurance. GoBear Singapore also has an exclusive tie-up with Singapore Airlines, rewarding users with KrisFlyer miles for every approved card application and travel insurance purchased.

As a home-grown Singaporean company created with the goal of improving Singaporeans’ financial health, GoBear Singapore is actively recruiting talent in its Singapore office and its regional headquarters, and across the ASEAN region.

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