Singapore-based FinTech startup agency GoBear, which started operations as platform for evaluating insurance policy of various insurers, has introduced that it’s going to stop operations and shut its enterprise.
In a press release, GoBear stated, “The worldwide pandemic has created a difficult working surroundings, and regardless of our greatest efforts, we have now up to now been unable to lift extra funding.”
The hostile components included a protracted interval of weakened demand for some monetary services, particularly journey insurance coverage.
GoBear stated the enterprise closure will likely be carried out in a “phased and managed” method over a short while body and in adherence with native legal guidelines and rules throughout the markets wherein it operates. Previous to the announcement, the corporate had undertaken a value chopping train.
In Might final 12 months, GoBear bagged $17m funding from current Dutch buyers to speed up its transformation right into a full-fledged monetary providers platform. This quantity took the entire funding raised by GoBear rose to $97m.
Launched in 2015, GoBear had supplied greater than 2,000 private finance merchandise to over 55m customers throughout its markets reminiscent of Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.