ARMED with a US$3-million investment, The Praxis Company is set to step up its initiatives to boost financial literacy in Asia, including the Philippines.
The provider of financial literacy gameplay secured the fund infusion from Triple P Capital (Triple “P”), “the largest investment into a financial literacy business in the Asia.”
The Praxis Company, an educational gameply firm based in Singapore and established in 2003, the development recently. Triple “P” is known as “Southeast Asia’s expert financial services ‘profit with purpose’ private equity fund.”
Image: via Glints.
It’s investment with Praxis marked is its first, which shows its “resourceful, and non-traditional approach of the fund, which focuses on delivering positive societal impact and top tier investor returns.”
“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.
“Every day, Praxis engages players of all demographics to actual knowledge and action. With Triple P’s support, we’ll be able to spread the power of Praxis across the region and beyond,” said Greg Martin, Group CEO of The Praxis Company.
Praxis is a unique and fun gameplay experience which simulates financial challenges and inspires players to master money. It incorporates a traditional board, a trained GameMaster and audience and purpose designed gameplays to create an engaging and powerful experience.
Since the company’s launch in 2003, hundreds of thousands of people across Southeast Asia have experienced the gameplays, with internal survey results showing 99% agreeing that Praxis is an effective and innovative tool to learn about money management, 96% understanding more about savings, insurance, retirement and investment and 99% agreeing that Praxis is an effective lead generation tool.
Today, The Praxis Company collaborates with financial services firms, schools and universities and corporates. Amongst many others, six of the top 10 life insurers in the Philippines and two of the top four life insurers in Thailand incorporate Praxis in their businesses. Over one hundred schools in Singapore have had their students play the game to give children the power to master money.
“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,” said David Steel, a founder of Triple P Capital.
“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,” he added.
The investment is seen to fuel development in the Philippines, Singapore, and Thailand as well as expansion into Vietnam, Malaysia and other markets. (Praxis/EKU)