Versa Surpasses RM500 Million in Total Deposits in Two Years
by Fintech News Malaysia August 10, 2023Malaysia’s digital wealth management platform Versa has surpassed over RM500 million in total deposits in the past two years since its launch in 2021.
Versa is a recognised market operator with approval and license from Malaysia’s Securities Commission (SC). It has more than 100,000 registered accounts to date, where 90% of the users are aged below 40 years.
Its flagship product, Versa Cash, offers users returns on-par with fixed deposits but with flexible withdrawals at any time. Versa had also recently rolled out Versa Cash-i, a shariah-compliant fund, enabling users to perform same-day withdrawals.
Both Versa Cash and Versa Cash-i are under the management of AHAM Capital which recently acquired global alternative investment manager CVC Capital Partners.
Last year, Versa raised its pre-series A funding round for an undisclosed sum from the likes of AHAM Capital, OSK Ventures, HPRY Ventures, and Hibiscus Fund.
Richmond Yau
Richmond Yau, Co-founder and Chief Operating Officer of Versa said,
“We are thrilled to pioneer and reimagine the entire experience of savings and investing via a mobile app. A recent survey revealed that many Malaysian youths struggle to allocate RM1,000 during emergencies. On average, our users can save 4-5 times that amount with us.”
Nelson Wong
Nelson Wong, Co-founder and Chief Technology Officer of Versa added,
“We simplify complicated wealth products to make them relatable to the next generation. Our product development process centers on a user-centric approach, striking a balance between innovation and an intuitive app experience.”
