South Korean payment app Toss raises $40m in funding

Viva Republica, the parent of South Korean P2P money transfer app Toss, has raked in $40m funding from Singapore’s sovereign wealth fund GIC

South Korean payment app Toss raises $40m in funding

The new capital, also provided by venture capital firm Sequoia China, takes the total amount of funding raised by the firm to $116m. The company plans to use the capital for accelerating its growth and improving product offering.

The move represents GIC’s and Sequoia China’s first investment in a Korean startup.

Sequoia China partner Glen Sun said: “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 monetisation strategy and revenue growth are also remarkable.”

Toss was launched in 2015 and currently has over eight million registered users. Apart from money transfer service, the app also offers credit score management, customised loan/insurance plans, and investment services.

Viva Republica co-founder and CEO SG Lee said: “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.”

“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.”