Singaporean fintech startup GoBear has decided to shutter its operations as it failed to raise fresh funds from new or existing investors to ensure business continuity.

Blaming the Covid-19 pandemic, the company said that the demand for its financial products and services fell due to travel and mobility restrictions in Southeast Asia.

GoBear added that it will ramp down its operations across the region in a “phased and controlled” manner while adhering to the local laws and regulations.

Launched in 2015, GoBear is a one-stop fintech platform, operating in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.

GoBear employs 165 people in these six locations, who will be served the required notice periods and receive their salaries.

The latest development comes four months after GoBear retrenched 22 employees – 11% of its total workforce – to cut costs.

This also includes closing non-essential projects, reducing fixed costs, and giving up its software licenses.

GoBear’s last funding round was held in May 2020, when it raked in $17m to expand its consumer financial products and services in Asian markets.

It also acquired AsiaKredit to offer consumer lending services to unbanked customers in Asia.

The company claims that it has served over 55 million and doled out over 2,000 personal finance products.

GoBear CEO Adrian Chng said: “This is a difficult time for our employees, and our priority is to conduct the process with the utmost care and guidance to our staff.

“We take our responsibility to our customers, employees, partners, and vendors very seriously and we intend to fulfil our existing commitments.”