GoBear Plans in Indonesia After 1.15 Trillion Rupiah Funding

A financial product marketplace GoBear has announced funding in early May 2019 in the form of venture round led by Aego. nV and Qalvis Participaties. It was worth $80 million or equivalent with 1.15 trillion Rupiah. The money is to be focused on product development, partner network expansion, and resource improvement.

The Singapore based startup has entered some market in Asia, including Indonesia. GoBear has build office branch and special team to run business here. Regarding funding, DailySocial tried to contact GoBear Indonesia Country Director, Tris Rasika to ask about the next strategic step for business development.

"Currently, we (in Indonesia) started from 4 products, loan, credit card, car and travel insurance. Furthermore, using the additional funds, we are to become a complete marketplace for financial products. We'll try to be consistent to form partnerships with banking and insurance companies," Rasika said.

Since its debut in Indonesia in May 2019, the users has a significant growth. Globally, GoBear has reached 40 millions of people. Moreover, they will intensify the market expansion outside Java. In fact, GoBear is now officially registered and observed under OJK.

"GoBear Indonesia offer a smart targeting system that is not only help users to find the financial product they wanted, but also suitable for their profile. It means, we will display the products that matches user's criteria and budget. Thus, it will increase the opportunity for their submission to be accepted," she added.

GoBear wants to provide information accuracy. When the user looked for the financial product, we give transparent information. Therefore, users can compare the current products and capable to decide. In addition, they can also submit the product directly to GoBear's bank partners.

"Seeing the Indonesian market potential, we believe GoBear Indonesia will contribute a significant number to our global growth," she said.

– Original article is in Indonesian, translated by Kristin Siagian