South Korea mobile financial app Toss operator gets USD 410 mln

Wednesday 23 June 2021 09:04 CET | News

The South Korean operator of mobile financial app Toss has raised USD 410 million in fresh funding, which values the company at USD 7.4 billion, Reuters cited Viva Republica.

The financial app aims to expand its Southeast Asian presence beyond Vietnam and to enter another country in H2 2021 and several more starting next year, CEO SG Lee told Reuters.

The USD 7.4 billion valuation stems from fast growth at Toss, which has 20 million users, or more than one-third of the 51.8 million Korean population. That is up from just 370,000 when the service first launched in 2015, the online publication adds.

Having started as a money transfer service, it offers online payment processing for merchants and securities investments. Toss also plans to launch banking services within the app in September 2021, espousing an all-in-one ‘super app’ for financial needs.

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Keywords: funding, banking, mobile banking, online banking
Categories: Payments & Commerce | Mobile Payments
Countries: Korea, Democratic People's Republic of
This article is part of category

Payments & Commerce