diff --git a/windows-msi/version.m4 b/windows-msi/version.m4
index f6599e50..cb0aa77e 100644
--- a/windows-msi/version.m4
+++ b/windows-msi/version.m4
@@ -30,7 +30,7 @@ dnl The only binaries which Openvpn-build uses from Easy-RSA, are the *nix style
 dnl (32bit only) binaries for Windows, from easy-rsa/distro/windows/bin.
 dnl Further details: easy-rsa/distro/windows/Licensing/mksh-Win32.txt
 dnl renovate: datasource=github-releases depName=OpenVPN/easy-rsa
-define([EASYRSA_VERSION], [3.2.0])
+define([EASYRSA_VERSION], [3.2.1])
 
 dnl ============================================================
 dnl MSI Provisioning