Finance app Versa achieves RM500m in total deposits transacted since launch in 2021

Malay Mail
Malay Mail

KUALA LUMPUR, Aug 9 — Digital wealth management mobile application Versa has achieved over RM500 million in total deposits transacted in the two years since its launch in 2021.

More than 100,000 users have signed up for an account on the application, it said in a statement.

“In response to diverse market demands, Versa has recently introduced Versa Cash-i, a Shariah-compliant fund, enabling users to perform same-day withdrawals,” it said.

It added that both its flagship product Versa Cash and Versa Cash-i are managed by AHAM Asset Management Berhad (AHAM Capital), which was previously known as Affin Hwang Asset Management Berhad (Affin Hwang AM).

It went on to say that the strength of AHAM Capital has only increased with its acquisition of CVC Capital Partners, a prominent global alternative investment manager.

“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,” it said.

About 90 per cent of the application’s users are aged below 40 years, it added.

Versa is currently running a promotion offering 4.3 per cent per annum on net returns for its users.

The application can be downloaded on Apple App Store, Google Play Store and Huawei AppGallery.