The Singapore-based consumer financial services platform is reducing staff across its operations, product, and technology teams.
GoBear is retrenching 22 staff from offices in Singapore (six employees), the Philippines (four employees), Vietnam (nine employees) and Ukraine (three employees), citing the ongoing impact of Covid-19 on its business. This represents 11 percent of GoBear’s total workforce of 200 employees.
The firm said it has reviewed and implemented a number of cost-cutting measures over the past few months, which included halting non-essential projects, reducing fixed cost and software licenses. Cutting staff was «an absolute last resort,» it said in an announcement, noting that outgoing employees will be provided with post-employment support and severance packages according to local laws and regulations.
«Like many businesses, the repercussions from the current global Covid-19 situation have meant that we have had to take measures to adapt our business to overcome challenges and future-proof it for what lies ahead, by focusing on our growth engines of digital lending and digital insurance brokerage,» Adrian Chng, CEO, GoBear, said in an internal email shared with finews.asia.
Rapid Growth
Founded in 2015, GoBear operates a platform for insurance, banking and lending products. It operates in seven markets in Southeast Asia and has registered more than 55 million site visitors. The firm had been enjoying a period of sustained growth in the first half of year, acquiring AsiaKredit, which provides financial products to the underserved in the Philippines, in May.
It then added $17 million from long-term investors Walvis Participaties and Aegon in June to accelerate its transformation into a fully-fledged financial services platform built on alternative data. It also appointed Kent Huang as chief financial officer, who replaces the outgoing Frank Stevenaar.
