More companies are closing down due to the pandemic.
GoBear, a Singapore-based startup that runs a financial products comparison platform, has also closed its doors, according to a report from startup news site, BEAMSTART.
The company had previously raised a total of $97 million in venture capital financing, but quickly burned through its cash as market conditions worsened due to the pandemic.
Founded back in 2015, GoBear runs an online website and mobile app that lets consumers compare banking, insurance, and lending products.
The company’s services were available in 7 countries across Southeast Asia, and reportedly had over 55 million users.
GoBear had also acquired local digital lending platform AsiaKredit after raising $17 million in May 2020, a move that may have brought more downside to the company in the long term.
GoBear’s closure mainly attributed to the pandemic, with falling demand for financial products and travel insurance as economies ground to a halt.
In September 2020, the company laid off 11% of its global workforce, which was approximately 200 people.
“GoBear has made the difficult decision to close the business. Our purpose was to improve the financial health of people across Asia and I’m proud and grateful for the contributions that all our employees and partners have made towards that mission,” said Adrian Chng, CEO of GoBear.