Viva Republica said to raise $173m in new investment round

South Korea-based peer-to-peer money (P2P) transfer platform Viva Republica has reportedly raised $173m in a new funding round.

The investment was led by Sequoia Capital China, according to a report from Caixing Global. Previous Viva Republica backers including Aspex Management, Kleiner Perkins Digital Growth Fund, Altos Ventures, Goodwater Capital and Greyhound Capital, also contributed to the round.

Capital from the round will be used to help Viva build a one-stop shop for customised financial product recommendations from banks, securities and insurance companies, the article said.

Viva Republica is the operator of P2P money transfer platform Toss, which is believed to be valued at $2.6bn following the close of the deal, the article said.

Last year, Viva Republica closed a $64m in its Series F round at a $2.2bn valuations. Investors to the round included Aspex Management and Kleiner Perkins.

The Toss platform is claimed to be used by one third of the Korean population, with 48 million downloads and WON 108trn ($91bn) transferred, its website claims. It also claims to have never suffered a security breach since it was launched.

Through the app users can transfer money to friends and family, complete online payments, pay bills and buy insurance policies.

Earlier in the year, the South Korean Securities & Futures Commission granted Viva Republica a preliminary license to operate as a mobile brokerage.

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