GoBear raises $17 million

Singapore-based financial aggregator GoBear has raised $17 million from Walvis Participaties and Aegon bringing its total funding to $97 million.

According to the company, last year it completed a significant portion of its transformation and is “well-positioned to continue its expansion of the financial services platform across three growth pillars: an online financial supermarket, digital insurance brokerage, and digital lending.”

In the last three months, its digital insurance brokerage segment saw a 52% increase in average order value and launched GoBear exclusives to better meet consumer needs – “Go Travel”, a white-label travel insurance product with Chubb and “Travel Buddy” in partnership with Allianz. GoBear reinforced its digital lending business with the acquisition of AsiaKredit, an end-to-end digital consumer lender and has registered a 50% year-on-year revenue growth from loan products.

GoBear first launched in 2015 and has since served over 55 million users searching for more than 2,000 personal finance products .

“To truly improve financial health in Asia we must address the approximately 300 million people in our markets that remain underserved by existing banking and insurance services. GoBear’s transformation is a response to this by tackling important local barriers to financial literacy and inclusion.” – Adrian Chng, CEO of GoBear.