KUALA LUMPUR: Digital wealth management app Versa has secured an eight-figure funding, enabling it to make more wealth solutions accessible to everyone.
The funding round was led by Hibiscus Fund, a venture capital fund managed by RHL Ventures and South Korean financial services conglomerate KB Investment Co Ltd.
Recurring investor Affin Hwang Asset Management also participated in this round, alongside new investors OSK Ventures and Singapore-based HPRY Ventures.
Versa is currently a CIP Ignite II grant recipient under Cradle Fund Sdn Bhd for commercialisation and successfully doubled its deliverables thus far.
In addition to the funding announcement, Versa closes in on hitting a new milestone of RM200 million worth of transactions, doubling its transactions since the beginning of 2022.
Since its inception in 2021, Versa has achieved many milestones including expanding its product range to introduce Versa Invest, an investment fund managed by top global fund managers, in June this year.
Versa chief executive officer Teoh Wei-Xiang said the company had always strived to make its products simple and accessible, to enable everyone to save, invest and grow.
"In light of the funding announcement, we are able to drive our vision and mission forward, to empower more people towards achieving their financial wellness goals and bridge the financial literacy gap in Malaysia," he said in a statement today.
Affin Hwang Asset Management managing director Datuk Teng Chee Wai said its decision to be a recurring investor in Versa was based on shared goals of wanting to see a more financially inclusive future in the country.
"We see this as an opportunity to widen financial inclusion for all Malaysians by democratising access to investment products and wealth solutions.
"Through our collaboration with Versa, we are committed in creating a brighter and more resilient financial future by helping Malaysians achieve their wealth goals," he said.
For a limited time, Versa is offering 3.2 per cent per annum in net returns for savings in Versa Cash, its cash management service launched in 2021,.
This offer aims to encourage Malaysians to grow their savings in this economic downturn and inflationary period, while also building on their financial education and knowledge.
Versa Cash is also managed by its partner, Affin Hwang Asset Management.