Financial marketplace GoBear has announced US$80 million in funding to date, of which it will use to improve the platform’s search and match functionality. Specific areas include customer onboarding and fulfilment solutions, personal financial management, alternative credit scoring, financial education, and investment platforms, said GoBear CEO Adrian Chng in a press release.
GoBear will do so via two approaches – partnerships with, and investments into other technology companies, to acquire access to additional key technology. Additionally, the latest round of funding will contribute towards filling senior management and technical roles within the company. It will also be looking to leverage its product, technology and data capabilities in risk assessment to expand its partner network. GoBear’s partners currently include Allianz Worldwide Partners, Citibank, FWD Insurance and Standard Chartered Bank.
Through product and technology enhancements, GoBear aims to help partners better understand consumer preferences based on digital personas and journeys, as well as build a superior digital experience where consumers are matched to the most relevant products for their needs. The press release said,
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,” added the company. This funding was furnished by Walvis Participaties, a Dutch venture capital fund, and Aegon N.V, a leading financial services provider. According to GoBear, it has served more than 40 million users across Singapore, Malaysia, Indonesia, Hong Kong, Thailand, the Philippines, and Vietnam.
Just last month, GoBear appointed Nelson Allen as the chief marketing officer. He is tasked to define GoBear’s overall marketing strategy, grow its brand awareness, and align its marketing executions to scale. Chng assumed the role of CEO in July last year.