On February 9, BancVue announced the acquisition of Skill-Life, a provider of interactive games designed to promote financial literacy. The CEOs met at our FinovateFall in October. The purchase marks the company's first acquisition. BancVue anticipates further acquisitions and strategic partnerships in the future, according to John Waupsh, the CEO of BancVue subsidiary FirstROI. The purchase price of the deal was not disclosed.
BancVue powers high-yield checking and other products for more than 650 U.S. community financial institutions. The company debuted its Kasasa branded checking/saving accounts at FinovateFall 2009 (video here).
Skill-Life develops platforms that allow children to earn real-world rewards as incentives in games that teach financial skills. The company's first game, CentsCity, launched its beta version at FinovateFall 2009 (video here).
CentsCity presents an interactive online environment developed for children between eight and 12 years old. (See screenshot #1, below.) Players visit different locations in the game world to play mini-games using ducats, the in-game currency. The game requires players to monitor their in-game cash and expenses in order to continue participating and eventually save enough ducats to earn rewards (screenshot #2).
The game also includes an interface for parents, allowing them to insert personal incentives, such as extra TV time or an extended curfew, to encourage their children to play and learn. Skill-Life hopes to entice parents into setting up game rewards, such as savings accounts that must be unlocked in the game before the children can access the funds.
Financial companies can add their own branding into the game environment.
Skill-Life's current business model primarily depends on licensing to financial institutions and groups like school districts and community organizations. Players can also access the game at Skill-Life's website, choosing between free and a more advanced pay-version of the game, which charges a one-time fee of $4.95.
#1. CentsCity Presents a World to Explore
#2 CentsCity Players Learn to Save for Rewards
A perfect acquisition for a great company that is already doing so much to improve not only community banking, but financial literacy nationwide. Bravo!