By Kuek Ser Kwang Zhe / theedgemalaysia.com
Versa chairman Datuk Noorazman Abd Aziz said ‘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’.
KUALA LUMPUR (March 19): Versa Asia Sdn Bhd (Versa), a financial technology start-up with about 300,000 registered users, has completed its series A funding round led by AHAM Asset Management Bhd (AHAM Capital).
Datuk Teng Chee Wai, managing director of AHAM Capital, said the firm made one of its largest investments in Versa as it believes the fintech start-up is well-positioned to transform the wealth management industry in Malaysia.
“Their customer-centric approach and continuous innovation align with our vision for the future of financial services. The investment is among AHAM Capital’s largest, reflecting our strong belief in Versa’s potential and leadership,” says Teng.
Other investors include Princeton University alumnus Tengku Fahad Mua’adzam Shah ibni Almarhum Sultan Ahmad Shah and Versa’s CEO Teoh Wei-Xiang.
Versa chairman Datuk Noorazman Abd Aziz added: “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.”
Versa started in 2021 as a cash management solution provider. Today, it offers users access to almost 20 conventional and shariah-compliant funds.
It initially made waves in the industry by eliminating front-end fees (or sales charge) — traditionally ranging from 2% to 5% — making investing more accessible and cost-effective for all Malaysians.
The newly secured series A funding will be strategically deployed to accelerate users acquisition and execute Versa’s product roadmap over the next five years.
“A recent internal survey of 2,912 Versa users revealed that 97% of Gen Y and Gen Z are willing to make lifestyle changes to improve their financial well-being. This highlights the platform’s alignment with the evolving financial habits and aspirations of Malaysia’s younger generations.”
Versa recently launched Versa Quest, a feature designed to empower users to maximise their savings. Users can unlock bonus booster rates on the platform by completing various financial quests. Khairy Jamaluddin who serves as Versa’s ambassador, has been instrumental in promoting Versa Quest and its benefits.