PETALING JAYA: Digital wealth management app Versa has secured an eight-figure funding, enabling it 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 for commercialisation and has doubled its deliverables thus far.

Versa also closes in on hitting 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.

Versa CEO Teoh Wei-Xiang shared 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,” he said in a statement today.