PlayMoolah aims to make finance fun for children

Innotribe, the Swift incubator project, has chosen PlayMoolah and Gust as the winners of its top startup and top innovator titles in the Innotribe startup challenge held on 1 November at Sibos in Osaka, Japan.

PlayMoolah, which styles itself as ‘the fun way to teach your child about money,’ focuses on financial education for children and parents. Meanwhile, Gust is a company built around bringing investors and entrepreneurs together to help manage seed and early-stage equity investments. Both companies were chosen as the most promising startups likely to deliver new services that will change the development of the financial sector.

The winners were each awarded a $50,000 prize.

Over 400 early-stage startups and growth-stage companies competed in the 2012 challenge. Of these, a total of 45 semi-finalists took part in Swift’s three regional events in New York, Singapore and Belfast earlier this year. A panel of 100 industry participants then narrowed down the selection to just six finalists. A further nine were nominated for exposure via Innotribe’s online showcase.

“Winning the Innotribe startup challenge has been a huge validation of our work in making financial education fun for families, and we are encouraged that the banking community is starting to consider the critical importance of engaging their young customers through digital experiences,” said Lee Min Xuan, co-founder, PlayMoolah. “The money will be used to make our product even more fun and educational for kids. The Innotribe startup challenge has definitely been a catalyst in helping PlayMoolah gain international exposure within the banking circle.”

Innotribe was established in 2009 by Swift to promote collaborative innovation in financial services. The project highlights innovative companies, ideas and projects. Innotribe runs innovation workshops and also hosts its own events, both at Sibos and the rest of the year.

Last year, Estonia-based GuardTime, a company that focuses on building digital signatures for electronic data, won the Swift Innotribe most innovative startup category. Truaxis, a statement rewards system, won the top startup category and was later acquired by MasterCard.