At the beginning of January, the financial services startup GoBear in Singapore suddenly announced that it was going to cease operations.
Failure to raise additional funds from existing or new investors was cited as the main reason for the closure, and the COVID-19 pandemic made the operating and fundraising environment "very challenging".
Other factors included a prolonged period of weaker demand for some financial products and services, particularly travel insurance.
It is reported today (April 8th) that Australian fintech company Finder has bought the GoBear brand, including its brand and digital assets. These digital assets include domains, website content, and GoBear's social media channels in the seven markets.
After the takeover, the content of the GoBear website will be integrated into Finder. Frank Restuccia, founder and CEO of Finder, shared in an interview with Mumbrella that GoBear has already developed "thousands of guides and educational pieces" that are tailored to the way Finder approaches the comparison.
However, GoBear's social media and email channels will remain independent.
In a media statement, Finder also said there is a good match between the two brands and the acquisition can help further strengthen its presence in Singapore.
“Like GoBear, Finder is committed to helping customers improve their financial wellbeing. Our mission is to help people around the world make better decisions about money every day. We would like to continue to honor GoBear's vision and are proud to continue serving the people of Southeast Asia, ”he added.
Founded in Sydney in 2006, Finder helps people make better financial decisions by comparing different financial products. It compares more than 200 different industries ranging from personal finance products like credit cards, home loans, and savings accounts to online shopping, cryptocurrency, and stock trading.
The company currently has offices in Australia, the US, UK, Canada, Poland and the Philippines and is expected to serve more than 10 million consumers in more than 80 countries each month.
Selected image source: GoBear / Vulcan Post