Funds raised from prominent institutions and angels to empower Malaysians towards a healthier financial future
Kuala Lumpur, 5 September 2022 – Versa, in its mission towards empowering more people towards financial wellness, has successfully secured an 8-figure funding, enabling them to make more wealth solutions accessible to everyone.
This 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 (Cradle) for commercialisation and successfully doubled its deliverables thus far.
In addition to the funding announcement, Versa closes in on hitting a new milestone of RM200mil 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’s Chief Executive Officer Teoh Wei-Xiang shares that Versa was born from a need to empower Malaysians to achieve financial wellness. “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.”
RHL Ventures Co-founder and Co-Managing Partner Rachel Lau says, “Working with Versa aligns with the team’s vision to building and supporting innovative private tech companies and with this funding series concluded, the team is excited to see Versa guiding the next generation of investors towards financial wellness.”
Affin Hwang Asset Management Managing Director Dato’ Teng Chee Wai explains that 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 adds.
For a limited time, Versa is offering 3.2% p.a. in net returns for savings in Versa Cash, its cash management service launched in 2021, that offers higher returns without restrictive lock-in periods.
This offer aims to encourage Malaysians to grow their savings in this economic downturn and inflationary period, whilst also building on their financial education and knowledge.
Versa Cash is also managed by its partner, Affin Hwang Asset Management, and gives everyday Malaysians an opportunity to access the fund which was once only available to high-net-worth individuals and corporates.