PortfolioQuest will use the funding to fuel its virtual simulation tool’s global beta version rollout
Singapore-based online training startup PortfolioQuest has raised a US$750,000 in a pre-seed round led by angel investors Nels Friets and Venkatesh Sethuraman. Both will also join as company advisors.
Wavemaker Partners, as well as a group of individual investors from the financial sector, also participated in the round.
PortfolioQuest plans to use the newly-raised capital for the global rollout of its training simulator’s beta version.
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The tool allows financial players to hone, measure and benchmark their consumer lending and porfolio management skills in a virtual environment. This allows them to test, produce and analyse a variety of possible outcomes without any real-world consequences.
Players will be able to track their progress through leaderboards, competitions and other progress metrics.
The data collected by the players will provide bank management with actionable insights about the landscape of employee skills and future training requirements.
A spokesperson explained the importance of developing training tools in the new economy, particularly with automation replacing low-level financial and banking jobs. This will potentially help deliver more positive financial outcomes.
“Portfolio Quest is future proofing the banks against the changes we are seeing in the workforce by ensuring their key talent have the sharpest skills,” read a statement.
The company also announced the appointment of Nels Friets as Director and Advisor. He is Vice-chairman and Co-founder at tryb, a fintech company that invests in technology companies transforming financial services in Asia.
“The old adage ‘if you can’t measure it, you can’t manage it,’ still holds true. “PortfolioQuest shines a light on rising stars and skill gaps at the same time,” said Friets in a press release.
“It aims to bring simulation tools to the financial industry that are prevalent in other high stakes industries, such as aviation, military and medicine,” he added.
PortfolioQuest’s first set of products will be targeted to the financial industry, specifically retail lending. But its grand vision is to adapt the methodology into other industries.
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Image Credit: PortfolioQuest
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