Versa receives new funding to support financial inclusion. Credit: mohamed_hassan from Pixabay.

Versa, a provider of digital wealth management services in Malaysia, has received an eight-figure investment from local as well as overseas investors.

The funding round was led by Hibiscus Fund, a venture capital fund handled by RHL Ventures, and South Korea-based financial services provider KB Investment.

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The company’s existing investor Affin Hwang Asset Management and new investors including OSK Ventures and Singapore-based HPRY Ventures also took part in the fundraising.

Versa CEO Teoh Wei Xiang said: “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.”

Affin Hwang Asset Management managing director Teng Chee Wai said its investment in Versa will promote further financial inclusion across Malaysia.

Wai said: “We see this as an opportunity to widen financial inclusion for all Malaysians by democratising access to investment products and wealth solutions.

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“Through our collaboration with Versa, we are committed in creating a brighter and more resilient financial future by helping Malaysians achieve their wealth goals.”

Versa noted that it offered a yearly interest of 3.2% in net returns for savings in Versa Cash for a limited period. The company introduced the cash management service last year.

Additionally, Versa expects to carry out RM200m ($44m) worth of transactions, increasing its transactions by twofold since the starting of this year.

In June this year, the firm launched Versa Invest, an investment fund handled by fund managers from across the globe, to strengthen its offering.