Financial product comparison platform GoBear has closed an $80m funding round to support product enhancement.
Funds from the round will be used to drive product and technology development, boost the size of its network, and hire more staff. Improving its search and match capabilities will be powered through new partnerships and investing into other technology companies, to gain additional key solutions.
Capital from the round was led by Dutch venture capital firm Walvis Participaties, and Dutch life insurance, pensions and asset management firm Aegon N.V.
GoBear is a ‘financial supermarket’ which has a goal to improve financial health in Asia by boosting financial literacy, financial inclusion and financial security for everyone. It is used by more than 40 million users across Hong Kong, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
In order to provide comparison offerings for a range of banking and insurance product, the company has formed partnerships with companies including Allianz Worldwide Partners, Citibank, FWD Insurance and Standard Chartered Bank.
The platform leverages data and insights to help consumers find the best products for their needs, Through the solution, consumers can find and compare card, travel, health and home insurance, credit cards, personal, home, and education loans, savings accounts, money transfers and robo advisors.
GoBear CEO Adrian Chng said, “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.”
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