South Korea’s Toss raises $80m

Viva Republic, the company behind South Korean payments app Toss has raised $80m in a funding round valuing the business at $1.2bn.

Toss’ peer-to-peer money transfer service has over eight million registered users and an annual transaction run rate of $17bn. Its mobile app provides money transfer, online payments, a single dashboard for all bank accounts, credit score management, a savings account, a debit card, investment opportunities, and customised loan and insurance recommendation.

Toss has planned to use the new funding to establish a securities brokerage business and also expand its presence in Southeast Asia, according to a report by e27.

Kleiner Perkins and Ribbit Capital led the new round, alongside previous investors Altos Ventures, Bessemer Venture Partners, Goodwater Capital, KTB Network, Novel, PayPal and Qualcomm Ventures.

The new round brings the Toss’ total amount of funding raised to $196m, and has made the FinTech one of Korea’s newest Unicorns. The company had previously secured $40m in funding from GIC and Sequoia China.

Earlier in the year, fellow South Korea FinTech company Tera Funding netted a $9.3m Series A round, supporting the development of its P2P real estate lending platform.

Copyright © 2018 FinTech Global

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