Financial supermarket GoBear raises $80m
Asian financial supermarket GoBear has raised a new $80 million in funding, which it will use 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 partnerships with, and investments into other technology companies, to acquire access to additional key technology.
This funding was furnished by Walvis Participaties, a Dutch venture capital fund, and Aegon, a financial services provider.
GoBear is a financial supermarket that aims to make financial literacy, financial inclusion and financial security attainable for everyone. GoBear has served more than 40 million users across Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.
GoBear’s partners are leading 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.”
Chng adds: “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; the region’s digital economy alone is projected to reach SGD 270 billion by 2025.
The firm says that 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 enables consumers to make informed choices across 14 personal financial product areas, including travel insurance, health insurance, personal loans, credit cards and fixed deposits 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 Adrian.
GoBear Hong Kong carries financial products from over 29 local and regional financial institutions.
The Hong Kong Monetary Authority has recently formulated the Open API Framework for Hong Kong’s banking sectors, as well as the granted virtual bank and insurer licenses to facilitate the provision of low-cost financial products in Hong Kong.