Earlier in January, Singapore financial services startup GoBear suddenly announced that it is ceasing operations.
It cited the failure to raise additional funds from existing or new investors as the primary reason for closure, adding that the COVID-19 pandemic made the operating and fundraising environment “very challenging”.
Other factors included a prolonged period of weakened demand for some financial products and services, in particular travel insurance.
It is reported today (April 8) that Australian fintech firm Finder has bought GoBear’s brand, including its trademark and digital assets. These digital assets include domains, website content and GoBear’s social media channels across its seven markets.
Following the acquisition, GoBear’s website content will be integrated into Finder. Frank Restuccia, founder and CEO of Finder, shared in an interview with Mumbrella that GoBear had already developed “thousands of guides and education pieces”, which are aligned with the way Finder approaches comparison.
However, GoBear’s social media and email channels will continue to remain independent.
In a media statement, Finder also said that there is a great alignment between the two brands, and the acquisition can help to further strengthen its presence in Singapore.
“Like GoBear, Finder is committed to helping customers improve their financial wellbeing and our mission is to help people all over the world make better money-related decisions every day. We want to continue to honour GoBear’s vision and are proud to be continuing to serve the people of Southeast Asia,” it added.
Founded in 2006 in Sydney, Finder helps people make better financial decisions by comparing different financial products. It compares more than 200 different verticals ranging from personal finance products such as credit cards, home loans and savings accounts to online shopping, cryptocurrency and share trading.
It currently has offices in Australia, the US, the UK, Canada, Poland and the Philippines, and claims to be serving more than 10 million consumers across more than 80 countries every month.
Featured Image Credit: GoBear / Vulcan Post
GoBear’s Closure Comes As A Shock But Will Unlikely Leave A Dent In S’pore’s Finance Industry
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