GoBear raises $17 million for underbanked play

Singaporean financial comparison site GoBear has raised $17 million in funding from returning investors Aegon and Walvis Participaties.

GoBear's online platform offers more than 2000 personal financial products encompassing insurance, banking, and lending services, and has served more than 55 million users.

Last year, GoBear raised US$80M from the Netherlands-based asset management company Aegon and fellow Dutch VC Walvis Participaties.

The firm says it will use the fresh funding to follow its ambitions to create a one-stop financial supermarket spanning the Asia Pacific region.

GoBear last month announced plans to extend its regional influence and business remit with the acquisition of consumer lending platform Asiakredit, which has processed over one million loan applications in the Phillippines.

GoBear says it will use the AsiaKredit platform to provide its 100 banking and insurance partners with a lending-as-a-service facility for underserved consumers in South East Asia and Hong Kong.

With Covid-19 decimating the workforce in South East Asia, providing underbanked consumers with access to credit is expected to grow in importance.