How GoBear makes financial comparison easy for the everyday consumer
Its platform matches users with financial products, including insurance, credit cards, and trade financing.
Startup Gobear classifies itself as a financial supermarket. It is a platform that matches users with financial products, with the intention of making such offering easy to understand. Products cover insurance plans, credit cards, loans, broker financing, trade financing, as well as deposits.
Consumers would be able to compare financial products as it details every product available for selection. Furthermore, the company offers its services to the middle-class market which they believe will boost traffic and profitability.
“The comparison space in Asia does not completely resolve the market’s issues. Whilst comparison models mostly began in developed markets like the UK, Asia is a mix of growth economies and therefore has different needs. For many Asian consumers, financial access is a greater priority than the comparison of financial products available in the market,” Adrian Chng, GoBear’s CEO, told Singapore Business Review.
The fintech firm makes money by selling qualified consumer leads to its partners, banks and insurers. Chng said that there were also cases where they follow a cost per acquisition model. This enables its clients to pay them once they have sold a product.
GoBear made the headlines when it raised a total of US$80m to date after having four funding rounds which are all bigger than the last. All of its funding rounds were graced by Dutch venture capital fund Walvis Participaties and financial services provider Aegon N.V.
The proceeds from its latest round last May will be used to enhance its platform’s functionality, user experience, as well as broaden its partner network as part of its expansion plan.
GoBear also plans to fill in key roles and to invest in other tech companies as well. Areas of focus include customer onboarding and fulfilment solutions, personal financial management, alternative credit scoring, financial education, and investment platforms.
“GoBear is interested in investing in or acquiring Asia-based technology innovators which have developed cutting-edge technology that will enhance our technological ecosystem and our ability to improve people’s financial health,” Chng said.
As for its product offerings, GoBear will be setting up its digital insurance broker services, either through partnering with local insurance brokers or by getting their own license to do so. Another product in the pipeline is digital lendering, aiming to team up with traditional players, re-insurers and outside industry partners.
“By having a digital lending product, we expect to accelerate our monetisation of the platform and be part of our users’ entire financial life cycles. We can inform [consumers], using data, which products they may also need, when comparing their peers, or if they can save or should improve their current products,” Chng continued.
“Eventually, GoBear will provide a one-stop solution allowing consumers to experience end-to-end support for loans and insurance on our platform."