Versa Asia, a Malaysia-based digital cash management platform, recently revealed that they have finalized an “8-figure” investment round.
Details of the funding have not been shared publicly.
This latest investment round has reportedly been led by Hibiscus Fund, a VC fund that is being managed by RHL Ventures and South Korea’s financial services conglomerate KB Investment.
Existing investor Affin Hwang Asset Management also took part in the funding round, along with contributions from investors OSK Ventures and Singapore based HPRY Ventures.
Versa is a CIP Ignite II grant recipient under Cradle Fund Sdn Bhd (Cradle) for commercialization and is reported to have doubled its deliverables thus far.
In addition to acquiring substantial funding, Versa reportedly closed in on achieving a key milestone of RM200 million worth of transfers, doubling its transactions since the start of the year.
Since its launch last year, Versa has been focused on expanding its product range and launched Versa Invest, an investment fund that’s being managed by international fund managers (in June of this year).
Teoh Wei-Xiang, CEO at Versa, stated:
“We have always strived to make our 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.”
As noted by its management, Versa is a digital wealth management app dedicated to empower Malaysians “from all walks of life to achieve financial wellness.”
The app “makes saving and investing simple via its partnership with Affin Hwang Asset Management, and highly accessible by introducing low entry amounts, low fees and flexibility that allows users to withdraw anytime without incurring penalties.”
Versa is “registered by the Securities Commission (SC) of Malaysia to operate as a Recognized Marketing Operator (RMO) under guidelines as an E-Services platform.”