Versa, a digital wealth management service, has received an eight-figure fundraising round that was spearheaded by the Hibiscus Firm, a VC fund run by RHL Ventures and the South Korean financial services behemoth KB Investment.
Affin Hwang Asset Management, a recurring investor, OSK Ventures, and HPRY Ventures, both located in Singapore, also contributed to the round.
With a platform that delivers returns akin to those from other low-risk deposit choices and with the flexibility of a savings account, Versa’s mobile app assists customers in managing their money and earning interest on their otherwise idle cash.
One of the first reputable market operators to receive Malaysia’s Securities Commission’s licence to operate was the Malaysia-based FinTech firm, which was founded in 2020.
It now offers savings through its financial management solution, Versa Cash, with net returns of 3.2% annually. Versa Cash is managed by Affin Hwang Asset Management, a partner and investor in Versa.
Versa has quadrupled its transactions since the start of 2022 and is almost at US $44.44 million in transactions. Versa Invest, an investment vehicle run by premier international fund managers, was also established in June 2022.
The money will support Versa’s mission to enable more individuals to accomplish financial health objectives and close the financial literacy gap in Malaysia, according to CEO Teoh Wei-Xiang.
Versa has received the Cradle Fund Sdn Bhd (Cradle) CIP Ignite II grant for commercialization, a constrained award of up to 500,000 ringgit (US $111,000) for start-ups in the technology sector.
