Financial literacy firm raises US$3m in PE funding

THE Praxis Company on Wednesday announced that it has secured a US$3 million investment from Triple P Capital, a private equity impact investing fund with a focus on South-east Asian financial services. The investment is Triple P's first.

The Praxis Company, launched in 2003, produces gameplay experiences that trains its users in financial literacy. It partners schools for financial literacy education, companies for employee wellness, and financial services firms to engage customers.

The investment will fuel development in the Philippines, Singapore and Thailand as well as expansion into Vietnam, Malaysia and other markets.

The firm said that six of the top 10 life insurers in the Philippines and two of the top four life insurers in Thailand incorporate Praxis, the firm's gameplay product, in their businesses. Over 100 schools in Singapore have had their students play the game to give children the power to master money, said The Praxis Company.

David Steel, a founder of Triple P Capital, said: "Innovation doesn't just happen in the digital space. 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."