Vircle<\/a>,\u00a0a Malaysian neobanking service provider with a mission to help parents raise money-smart kids, has successfully secured venture capital (VC) funding for its seed round from co-lead investors Kumpulan Modal Perdana (KMP), a government-owned tech-focused VC under the Malaysian Ministry of Finance, and Gobi Partners (Gobi), an Asia-focused VC firm. Gobi facilitated its investment through the Gobi Dana Impak Ventures (GDIV) fund.<\/p>\nGDIV is a part of Khazanah Nasional Berhad\u2019s (Khazanah) Future Malaysia Programme, an initiative under the Malaysian sovereign wealth fund\u2019s Dana Impak mandate, to support the nation\u2019s startup ecosystem of entrepreneurs, startups, venture capital and corporate venture programmes.<\/p>\n
Vircle was established in March 2021 with the aim to reshape financial education and banking for children through its Vircle app. The app has been an important tool in instilling lifelong money habits among young children, through partnerships with major schools across Malaysia.<\/p>\n
To date, Vircle has partnered with dozens of private and international schools across Malaysia. With this funding, Vircle\u2019s goal is to expand its services to public schools nationwide.<\/p>\n
Vircle\u2019s innovative and proprietary parental control technology empowers parents to effortlessly oversee and manage their child\u2019s expenses both in school and out-of-school. Its child-safe Visa prepaid card, the first of its kind in Malaysia, offers parents a regulated financial tool to help guide their children in navigating the cashless and digital banking environment with careful oversight, instilling financial responsibility.<\/p>\n
Through experiential features like Missions, Savings, and Spending controls, children can acquire vital money management skills, empowering them to make informed decisions from an early age.<\/p>\n
Vircle was founded by\u00a0Gokula Krishnan Subramaniam<\/strong>\u00a0with over 20 years of experience in research and development, engineering, product, commercial, solutions and sales.<\/p>\nGokula<\/strong>\u00a0said: \u201cWe\u2019ve created a truly family-centric financial platform to offer every child a gentle and safe introduction to the cashless world, providing experiential learning opportunities that allow them to experience the real world while providing parents peace of mind through Vircle\u2019s unique parental oversight and child safety engine, before venturing into the real world of finances. Our mission is to bank one million Malaysian children and a total of three million children across Southeast Asia within the next five years. We\u2019ll achieve this by constantly innovating in collaboration with parents and regulators backed by funding from our investors such as KMP and GDIV.\u201d<\/p>\nKMP Chief Executive Officer, Yarham Yunus<\/strong>\u00a0said: \u201cOur investment will supercharge Vircle\u2019s mission to transform financial literacy for children by incorporating data analytics capabilities. We are thrilled about this partnership and our shared vision for growth. Witnessing the number of users and transactions, doubling year on year over the last two years is a testament to the immense potential of this partnership. We are excited to partner with Vircle to continue expanding its reach especially as it makes headways into the public and underserved schools\u2019 segment.\u201d<\/p>\nGobi Co-founder and Chairperson, Thomas G. Tsao<\/strong>\u00a0said: \u201cIn a region where 160 million children lack access to banking services, Vircle emerges as a beacon of hope, introducing a safe passage into the cashless world. With an emphasis on cultivating crucial money management skills, Vircle addresses a significant gap in both the educational system and households across Southeast Asia.\u201d<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, 31 October 2023:\u00a0Vircle,\u00a0a Malaysian neobanking service provider […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[29],"tags":[],"class_list":["post-4380","post","type-post","status-publish","format-standard","hentry","category-corporate-news"],"acf":[],"yoast_head":"\n
Vircle Receives Venture Capital Injection in Its Mission to Financially Empower School Children Nationwide - KMP<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Vircle Receives Venture Capital Injection in Its Mission to Financially Empower School Children Nationwide - KMP\" \/>\n<meta property=\"og:description\" content=\" KUALA LUMPUR, 31 October 2023:\u00a0Vircle,\u00a0a Malaysian neobanking service provider […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/\" \/>\n<meta property=\"og:site_name\" content=\"KMP\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ModalPerdana\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-01T03:01:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-29T07:01:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kmp.vc\/porter\/wp-content\/uploads\/2023\/11\/news-copy-2-300x173.png\" \/>\n<meta name=\"author\" content=\"ghazali\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ghazali\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/\"},\"author\":{\"name\":\"ghazali\",\"@id\":\"https:\/\/www.kmp.vc\/porter\/#\/schema\/person\/efde68924119afd224ab8921ca8502d4\"},\"headline\":\"Vircle Receives Venture Capital Injection in Its Mission to Financially Empower School Children Nationwide\",\"datePublished\":\"2023-11-01T03:01:29+00:00\",\"dateModified\":\"2023-12-29T07:01:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/\"},\"wordCount\":555,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.kmp.vc\/porter\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/kmp.vc\/porter\/wp-content\/uploads\/2023\/11\/news-copy-2-300x173.png\",\"articleSection\":[\"Corporate News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/\",\"url\":\"https:\/\/www.kmp.vc\/porter\/vircle-receives-venture-capital-injection-in-its-mission-to-financially-empower-school-children-nationwide\/\",\"name\":\"Vircle Receives Venture Capital Injection in Its Mission to Financially Empower School Children Nationwide - 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<\/p>\n