GoBear raises $17 million to expand its consumer monetary services for Asian markets

GoBear raises $17 million to expand its consumer monetary services for Asian markets

Singapore-based fintech startup GoBear has raised$17 million from returning financiers Walvis Participaties, a Dutch equity capital company, and Aegon N.V., a life insurance and possession management company.
The funding brings GoBear’s overall funding up until now to$97 million, and will be used to expand its customer monetary services platform, which is readily available in seven […]
GoBear originally released in 2015 as a metasearch engine, prior to transitioning into monetary services. Similar to other fintech companies that focus on underbanked populations, GoBear aggregates and analyzes alternative sources of data to evaluate lending danger, consisting of patterns in customer habits. Information points from mobile phones is likewise used to assess credit reliability in markets like the Philippines, where the credit card penetration rate is less than 10%, however more than 40%of the population uses a smartphone. In terms of competition, Chng informed TechCrunch that not just is the market opportunity in Asia huge( he stated there are 400 million underbanked people across GoBear’s 7 markets), however the company also separates with its three core services, which are all interconnected and draw on the exact same information sources to score credit. …