(L-R) KMP’s Yarham Yunus, Vircle Founder Gokula Krishnan, and Gobi Co-founder Thomas G. Tsao
Vircle, a Malaysian neobanking startup helping parents raise money-smart kids, has secured an undisclosed sum in seed funding co-led by state-owned VC fund Kumpulan Modal Perdana (KMP) and Gobi Partners.
Gobi made the investment through the Gobi Dana Impak Ventures (GDIV) fund.
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With this funding, Vircle aims to expand its services to public schools nationwide.
Established in 2019 by Gokula Krishnan, Vircle instils lifelong money habits among young children through partnerships with major schools across Malaysia. Its parental control technology empowers parents to oversee and manage their children’s expenses in and out of school. Its child-safe Visa prepaid card 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.
Presently, Vircle provides services to families representing 130 nationalities and operates in partnership with over 58 private and international educational institutions.
“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’ll achieve this by constantly innovating in collaboration with parents and regulators backed by funding from our investors such as KMP and GDIV,” said Krishnan.
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Gobi Co-founder and Chairperson Thomas Tsao added: “In 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.”
Established in 2001, KMP is wholly owned by the Ministry of Finance and under the purview of the Ministry of Science, Technology & Innovation (MOSTI). Since its inception, KMP has invested in more than 40 companies across IoT, advanced materials, semiconductors, automation, green technology, and renewable energy.
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