Asian Fintech GoBear Reportedly Lays Off 22 Employees, after Securing $17 Million in Capital in May 2020

Asian Fintech firm GoBear, which secured $17 million in capital in May 2020 to expand operations, has reportedly decided to lay off 22 staff members – which includes 6 workers based in Singapore.

GoBear’s management has also laid off employees based in Ukraine, Vietnam, and the Philippines. The company claims that its business has been negatively impacted by the COVID-19 outbreak and resulting economic challenges.

The Fintech firm has announced these layoffs after it recently appointed its new chief financial officer, Kent Huang, who has been working from GoBear’s Singapore offices.

Earlier this year, GoBear, which offers which offers a financial products comparison website, confirmed that it had acquired AsiaKredit, a Singapore-based digital lender. The amount paid for the acquisition had not been shared publicly.

GoBear’s acquisition of AsiaKredit came after the Fintech company secured $80 million in capital in May 2019.

At the time of the acquisition, Adrian Chng, CEO at GoBear had stated:

“The establishment of an industry-leading lending business is a critical component of GoBear’s strategy to support our banking partners in providing loans to the many underserved consumers in Asia.”

Chng added:

“With AsiaKredit’s sophisticated data-driven underwriting and collections capability, the acquisition will allow GoBear to accelerate strategic plans by giving us access to end-to-end digital lending capabilities.”

Founded in 2014, GoBear claims to be Asia’s leading financial supermarket whose purpose is to improve financial health. The platform empowers consumers with the know-how, tools, and financial products to meet their needs.

In August 2020, GoBear teamed up with UnionBank to launch lending as a service products in the Philippines. Also in August, GoBear revealed that it would be powering Netcore Solutions’ marketing automation and engagement campaigns.

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