Versa Asia, a Malaysian digital cash management platform, announced that it had secured an 8-figure funding round. Details of the investment was not disclosed.
This funding round was led by Hibiscus Fund, a venture capital fund managed by RHL Ventures and South Korean financial services conglomerate KB Investment.
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 is said to have doubled its deliverables thus far.
In addition to the funding announcement, Versa closes in on hitting a new milestone of RM200 million worth of transactions, doubling its transactions since the beginning of 2022.
Since its inception in 2021, Versa has expanded its product range to introduce Versa Invest, an investment fund managed by top global fund managers, in June this year.
Teoh Wei-Xiang, Chief Executive Officer of Versa said,
“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.”