An app that lets people play the stock market without the risk of losing any real money has turned its virtual cash game into a pile of actual Benjamins, by closing out a $10 million funding round — one of the largest Series A rounds for a consumer startup in the region, it claims. The app in question, TradeHero, is made by a Singapore-based developer MyHero. Investors in the round are Kleiner Perkins Caufield Byers China fund (KPCB China) and IPV Capital.
[Photo Source: Finance app TradeHero transacts US$5B in virtual currency]
Read more (Singapore App Maker MyHero Raises $10M Series A For Its Stock Market Trading Gamification App, TradeHero)
TradeHero users start out with $100,000 in virtual cash to spend, choosing which and how much stock to ‘buy’ — there are no live trades going on here, it’s a simulation — and getting to see whether their trading decisions would have panned out IRL because the app follows actual market movements.
[Photo Source: TradeHero - Probably One of the Best Startup Ideas in Singapore]
Dinesh Bhatia, CEO and Founder of MyHero Ltd, the holding company for the TradeHero iOS app, describes it a “financial literacy tool” that uses gamification to engage users and help them learn how to improve their trading.
Dominic Morris (CTO) and Dinesh Bhatia (CEO)
TradeHero's Virtual Trading Community Leverages Social Elements and Gamification