KUALA LUMPUR (Aug 10): Digital wealth management platform Versa reached over RM500 million in total deposits transacted a little over two years of operation, registering more than 100,000 accounts.
This growth came from two flagship products: Versa Cash, which offers returns on a par with fixed deposits that can be withdrawn anytime, and the recently launched, shariah-compliant Versa Cash-i. Both funds are backed and under the management of AHAM Capital, one of Malaysia's largest fund houses.
About 90% of Versa’s user base consists of those aged 40 years and below who are digitally savvy. Co-founder and chief operating officer Richmond Yau said Versa had been reimagining the 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 four to five times that amount with us,” he added.
Nelson Wong, Versa’s co-founder and chief technology officer, said the company is focused on being relatable to the next generation. "We simplify complicated wealth products to make them relatable to the next generation. Our product development process centres on a user-centric approach, striking a balance between innovation and an intuitive app experience."
Last year, Versa completed its pre-series A funding round with participation from reputable financial institutions, including AHAM Capital, OSK Ventures, HPRY Ventures, and Hibiscus Fund — a venture capital fund by RHL Ventures and South Korean financial services conglomerate KB Investment Co Ltd, aligned with the Malaysian government's Dana Penjana Nasional programme.
Versa is currently running a promotion, offering a competitive 4.3% per annum net return on investment. The Versa app is available on Apple's App Store, the Google Play Store, and Huawei's AppGallery.