Singapore-based fintech firm GoBear has acquired AsiaKredit to expand its regional footprint to offer consumer lending services to unbanked customers in Asia.

The financial details of the transaction have not been made public.

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AsiaKredit is an end-to-end consumer lending platform which has processed over one million loan applications in the Philippines, via its mobile app pera247.

The platform provides consumer lending services to underserved consumers in the country.

It is claimed that the acquired firm’s risk management and automation capabilities allow speedy credit assessments and cash disbursement within hours.

AsiaKredit CEO Mike Singh said: “This acquisition represents a fantastic opportunity for AsiaKredit to leverage GoBear’s regional presence and expand the reach of our credit lending services to Southeast Asia and Hong Kong’s underserved consumers.”

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Under the deal terms, GoBear will leverage AsiaKredit’s platform to equip its 100 banking and insurance partners with a lending-as-a-service (LaaS) facility.

The fintech firm claims that access to credit lines in Asia remains a challenge amid the on-going coronavirus (Covid-19) crisis.

The LaaS facility will help the financial institutions provide credit lines to the underserved consumers in Southeast Asia and Hong Kong.

The latest acquisition comes after GoBear bagged $80m in funding last year, led by Netherlands-based asset management company Aegon and Dutch VC firm Walvis Participaties.

GoBear CEO Adrian Chng said: “With AsiaKredit as part of the GoBear family, we will be in a stronger position to fulfil our mission of improving the financial health of the underserved across Southeast Asia and Hong Kong.

“GoBear and AsiaKredit, together with our banking partners, will be able to offer millions of consumers’ access to an alternate source of credit and ethical lending.”