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GoBear financial products comparison startup shuts down after raising $97 million in funding

GoBear was reportedly used by over 55 million people and had over 100 commercial partners ranging from banks and insurance providers.


GoBear financial products comparison startup shuts down after raising $97 million in funding | BEAMSTART News

GoBear, a financial products comparison platform based in Singapore, is another casualty of the COVID-19 pandemic.

The startup has reportedly shut down its operations after raising $97 million in venture capital funding.

The GoBear App.

Founded in 2015 by Ivonne Bojoh and Marnix Zwart, GoBear operates an online platform for banking, insurance, and lending products across 7 markets in Southeast Asia.

The company claimed its services were used by more than 55 million people, with over 100 commercial partners ranging from banks and insurance providers.

GoBear had also acquired local digital lending platform AsiaKredit after raising $17 million in May 2020 from Dutch venture capital firm Walvis Participaties and asset management firm Aegon.

Some of the GoBear team.

GoBear's demise comes amidst decreased demand for its financial products and services due to the pandemic, especially in the area of travel insurance due to international travel bans.

In September 2020, the company announced that it would cut 11% of its 200-staff workforce across the world.

“GoBear has made the difficult decision to close the business. Our purpose was to improve the financial health of people across Asia and I’m proud and grateful for the contributions that all our employees and partners have made towards that mission,” said Adrian Chng, CEO of GoBear.

ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

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