Singapore-based FinTech startup firm GoBear, which began operations as platform for comparing insurance plans of different insurers, has announced that it will cease operations and close its business.
In a statement, GoBear said, “The global pandemic has created a challenging operating environment, and despite our best efforts, we have so far been unable to raise more funding.”
The adverse factors included a prolonged period of weakened demand for some financial products and services, in particular travel insurance.
GoBear said the business closure will be conducted in a “phased and controlled” manner over a short time frame and in adherence with local laws and regulations across the markets in which it operates. Prior to the announcement, the company had undertaken a cost cutting exercise.
In May last year, GoBear bagged $17m funding from existing Dutch investors to accelerate its transformation into a full-fledged financial services platform. This amount took the total funding raised by GoBear rose to $97m.
Launched in 2015, GoBear had offered more than 2,000 personal finance products to over 55m users across its markets such as Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.