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GoBear’s two co-founders reportedly step down

The startup will reportedly be shutting down its operations in Indonesia.

Singapore-based fintech firm GoBear’s two co-founders, chief technology officer Ivonne Bojoh and chief commercial officer Marnix Zwart, have resigned from the startup, the Business Times reported, citing sources.

The report also indicated that the startup will be shutting down its operations in Indonesia.

“We can confirm that GoBear has recently made personnel changes within the organization,” GoBear CEO Adrian Chng told Tech in Asia in an email statement, adding that such moves are “not uncommon for a growth-stage company in a rapidly changing marketplace.”

Chng also said that GoBear will continue to focus on its long-term growth in Asia Pacific and is “actively expanding our operations across the region.”

Launched in early 2015, GoBear operates an online marketplace that offers over 1,800 financial products such as travel, health and car insurance, credit cards, and personal loans.

It is active in Asian markets, including Singapore, Hong Kong, Malaysia, the Philippines, Thailand, and Vietnam. Its newest market is Indonesia, where it started operations in October 2018.

In May 2019, the startup announced it has secured USD 80 million in funding to expand regionally. The round included two Netherlands-based investors, namely venture capital firm Walvis Participaties and financial services provider Aegon.

Last month, Chng told Tech in Asia that it is in the process of finalizing an investment round set to give it “significant” ability to grow in the next 18 months. The head exec declined to reveal the amount GoBear is looking to raise from the said round.

This article first appeared on Tech in Asia.