How GoBear makes financial comparison easy for the everyday consumer
Its platform matches users with financial products like insurance, credit cards, and trade finance.
Singapore-based startup Gobear classifies itself as a financial supermarket. It is a platform that matches users with financial products such as insurance plans, credit cards, loans, broker financing, trade financing and deposits, with the intention of making such offering easy to understand.
Through the platform, consumers can compare financial products that are 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 profit by selling qualified consumer leads to its partners, banks and insurers although there are cases where they follow a cost per acquisition model that enables client payments once a product has been sold.
GoBear made the headlines when it raised a total of US$80m to date, a marked increase from its four earlier funding rounds. The proceeds from its latest fundraising round will be used to enhance the platform’s functionality, user experience, and 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 with a focus on 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 said. “Eventually, GoBear will provide a one-stop solution allowing consumers to experience end-to-end support for loans and insurance on our platform.”