AHAM Asset Management Berhad (AHAM Capital) led the Series A funding round for Versa, a wealth management platform with headquarters in Malaysia.
Versa said in a statement on Wednesday that Teoh Wei-Xiang, its CEO, and Tengku Fahad Mua’adzam Shah ibni Almarhum Sultan Haji Ahmad Shah, a Princeton University alumnus, are among the other investors in this Series A round.
The statement claims that over the next five years, the recently obtained Series A funding will be strategically used to carry out the company’s product roadmap and speed up user acquisition.
Ninety percent of Versa users are under 40, and the wealth management platform has about 300,000 registered Malaysians. Versa claimed to have been instrumental in helping Malaysians save over MYR 500 million ($113 million) in 2024 alone.
“This funding is a testament to the confidence our investors have in our vision,
“We are committed to driving financial inclusivity and providing Malaysians with innovative, transparent, and rewarding investment solutions,” said Versa’s Chairman Noorazman.
Versa began as a cash management tool in 2021 and later developed into a comprehensive wealth platform.
The company currently provides its clients with access to nearly 20 traditional and Shariah-compliant funds.
By removing front-end fees, which historically ranged from 2 to 5 percent, it first caused a stir in the market and made investing more affordable and accessible for all Malaysians.
“We believe Versa is well-positioned to transform the wealth management industry in Malaysia,” said Teng Chee Wai, Managing Director of AHAM Capital.
“Their customer-centric approach and continuous innovation align with our vision for the future of financial services,
“This investment is among AHAM Capital’s largest, reflecting our strong belief in Versa’s potential and leadership,” he added.
Notably, 97 percent of Gen Y and Gen Z respondents to a recent internal survey of 2,912 Versa users said they would be open to changing their lifestyles in order to improve their financial situation.
This indicates that the platform is in line with the changing financial preferences and goals of the younger generations in Malaysia.
Additionally, Versa recently unveiled Versa Quest, a tool that aims to enable customers to optimize their savings.
On the platform, users can unlock bonus booster rates by fulfilling a variety of financial quests.
