The company just embarked on its funding round and hopes to complete it in coming months. Toss is also aiming to go public in two to three years, with a listing in South Korea, Hong Kong, the US or two of the destinations, according to Bloomberg.com.
Toss plans to become a super app that aggregates all the services provided by fintech such as Paypal, Robinhood, and Credit Karma. Besides money transfer, loans and credit rating management, insurance, investment and credit cards, the company wants to offer securities brokerage services and loans to small businesses and consumers with interest rates between 5% and 15%.
The fintech is planning to start the securities brokerage service in the second half of 2020 and build an internet bank in July 2021. Toss was able to cut spending thanks to a new open banking system adopted by the government in 2019.
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