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.”