Finder Acquires Financial Comparison Platform GoBear
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Finder, a global comparison platform founded in 2006 in Sydney, Australia, has acquired the GoBear brand as it accelerates its global expansion.
Finder aims to grow its presence as a key financial comparison platform in Southeast Asia with the acquisition of the GoBear brand, it said in an announcement on Thursday.
Singapore-based GoBear, which was founded in 2015, operated a platform for insurance, banking, and lending products in seven markets in Southeast Asia, but shut down at the start of 2021, citing a challenging operating environment and its inability to raise new funds from existing or new investors.
We felt there was a great alignment between the two brands and, after three years with a light presence in the region, we couldn’t pass up the opportunity to step in and purchase the like-minded brand, the announcement said.
Finder noted the region’s large unbanked market, which includes some 438 million consumers, and said there is a significant opportunity for growth, as digital financial services are set to grow to a $60 billion business by 2025.
As part of the deal, GoBear’s website content will be integrated into local Finder sites across the seven markets: Singapore, Hong Kong, Vietnam, Thailand, Philippines, Malaysia, and Indonesia. The GoBear brand will continue to operate via social media and email channels
Questions & Answers
Q.What is Finder's primary objective for acquiring GoBear?
What is Finder's primary objective for acquiring GoBear?
Finder aims to expand its presence as a major financial comparison platform across Southeast Asia. The acquisition of the GoBear brand is intended to accelerate this global expansion strategy within the region.
Q.Why did GoBear cease its operations prior to the acquisition?
Why did GoBear cease its operations prior to the acquisition?
GoBear closed down at the beginning of 2021 due to a difficult operating environment. It also faced challenges in securing new funding from both existing and potential investors.
Q.Which specific markets in Southeast Asia did GoBear operate in?
Which specific markets in Southeast Asia did GoBear operate in?
GoBear provided its platform services in seven markets. These included Singapore, Hong Kong, Vietnam, Thailand, the Philippines, Malaysia, and Indonesia, focusing on insurance, banking, and lending products.
Q.What will happen to GoBear's existing online content and brand presence?
What will happen to GoBear's existing online content and brand presence?
GoBear's website content will be merged into Finder's local sites across the seven markets where it operated. The GoBear brand itself will also continue to be active through its social media and email channels.
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