SG gamification startup The Praxis Company raises $3m from Triple P Capital

Photo: The Praxis Company

Singapore-based startup The Praxis Company, which uses gamification to improve financial literacy, on Wednesday announced that it has raised $3 million in funding from private equity firm Triple P Capital.

Founded in 2003, Praxis simulates financial challenges to teach money management. The company says it offers its services to financial services firms, schools, universities and corporate clients.

Praxis claims this is the largest investment into a financial literacy startup in Asia. Other startups focused on financial literacy in the region are Singapore-based PlayMoolah, which also uses gamification, and Indonesia-based robo adviser Halofina.

The startup said it will use the investment to expand into Vietnam, Malaysia and other markets, and to fuel growth in its existing markets of Singapore, the Philippines and Thailand.

“There is growing awareness globally that low financial literacy is a major individual, family and societal issue that limits potential. Praxis brings the critical life skill of mastering money to life via its simulation of financial realities and ensures fun and powerful experiential learning,” said Greg Martin, Group CEO of The Praxis Company.

According to Praxis, six of the top ten life insurers in the Philippines, and two of the top four life insurers in Thailand use Praxis. Over one hundred Singaporean schools have also used Praxis to educate children about financial literacy, the startup claims.

The investment is the first by Triple P Capital, an impact investor focused on non-banking financial services investments in Southeast Asia.

“In an age where there is a somewhat myopic focus on digital and online, it is refreshing to see The Praxis Company create a place for powerful, social experiences that accelerate financial literacy education,” said Triple P Capital founder David Steel. “We see immense potential to grow the footprint of The Praxis Company, helping schools, financial firms, and various other organisations who understand that equipping people with financial knowledge can transform lives.”

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.