Viva Republica, Korea’s foremost fintech startup and creator of financial services app Toss, announced on Monday it has secured $40 million during its latest funding round, which was led by GIC and Sequoia China, bringing its total amount of funding raised to $116 million. Founded in 2011, Viva Republica stated that Toss “completely transforms” the way mobile financial services is conducted in Korea.
“With over 25 services such as payments, loan, investments, and credit score management, Toss aims at becoming a consumer financial services platform that covers all facets of its users’ financial lives.”
Viva Republica also reported that Toss has expanded into a platform providing a full suite of financial services, allowing users to easily manage every facet of their daily financial lives. Beyond money transfers, users may now conveniently utilize a number of consumer financial services within a single app, including a financial dashboard, credit score management, customized loan/insurance plans, as well as multiple investment services.
Toss has more than eight million registered users and is expected to process over $17 billion in transaction run-rate and has a total trackable monthly transaction volume of about $10 billion. Glen Sun, Partner of Sequoia China. stated:
“Toss’ evolution as a mobile financial services platform is very impressive. In addition to a seamless user experience and robust technology stack, the company’s monetization strategy and revenue growth are also remarkable. In Toss, we see all the signs of a successful company that we’ve witnessed in our portfolio – companies that have grown to become Asia’s leading unicorns. We strongly believe that Toss will dominate the Korean market and become a fintech giant.”
SG Lee, co-founder and CEO of Viva Republica, added:
“We are proud and honored to become partners with GIC and Sequoia China – some of the world’s most prominent investors. This bridge round is a strategic investment which will enable us to explore major opportunities such as investments and acquisitions to become the go-to service for all consumer financial needs while providing superb user experience.”