Versa Surpasses RM500 Million in Total Deposits in Two Yearsby Fintech News Malaysia August 10, 2023 0 comments
Malaysia’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, 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, 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.”