GoBear Shuts Down Amidst Decreased Demand for its Financial Products & Services

GoBear shuts down amidst decreased demand for its financial products & services

To date, the startup has raised US$97M from investors such as Walvis Participaties and Aegon, and acquired digital lending platform AsiaKredit Headquartered in Singapore, GoBear employs 165 staff in six offices across Asia. Employees will be provided their required notice periods and salaries. The firm said it intends to fulfil existing commitments to employees, partners and vendors, and work with the relevant authorities to ensure adherence to local laws and regulations. The fintech’s chief executive Adrian Chng said: “GoBear has made the difficult decision to close the business. Our purpose has been to improve the financial health of people across Asia, and I’m proud and grateful for the contributions that all our employees and partners have made towards that mission.

GoBear was founded in 2015 and has, to date, served over 55 million users searching for more than 2,000 personal finance products. Financial services firm GoBear on Tuesday (5 Jan 2021) announced that it will close the business due to its inability to “raise more funds to continue operations” amid the global pandemic. With funding of USD97m, average over 5 years, it should have USD19.4m or around S$25m per year and S$2m per month of capital.

  • Should Gobear have planned for public listing (IPO), such as these innovative loss-making tech companies Airbnb, SEA Ltd, Uber and Lyft, even though it was loss making?
  • What was their exit plan?
  • Could it be corporate governance issues?
  • Where has the cash gone?

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