28/11/2018 – The Praxis Company, a startup based in Singapore which uses gamification to improve financial literacy, announced today that it has raised US$3 million from private equity impact investing fund Triple P Capital.
This 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 David Steel, the Founder of Triple P Capital.
“We see immense potential to grow the footprint of the Praxis Company, helping schools, financial firms, and various other organizations who understand that equipping people with financial knowledge can transform lives,” Steel added.
With this investment, the financial literacy startup plans to fuel development in the Philippines, Singapore, and Thailand, as well as expand into Vietnam, Malaysia, and other markets.
Founded in 2003, The Praxis Company simulates challenges and gameplay experiences to educate its users in financial literacy. It partners schools and universities to promote financial literacy education, companies for employee wellness, and financial services firms to engage customers.
“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 The Praxis Company, 6 out of the top 10 life insurers in the Philippines and 2 of the top 4 life insurers in Thailand incorporates the firm’s gameplay product Praxis in their business. Over a hundred schools in Singapore have also adopted Praxis to educate their students about financial literacy.
Besides, the company also claims that this investment is so far the largest into a financial literacy startup in Asia. Other startups that focused on financial literacy in the region are Singapore-based PlayMoolah and Indonesia-based robo adviser Halofina.