The round was led by existing investors including Sequoia Capital China with other existing investors participating in the round included Aspex Management, Kleiner Perkins Digital Growth Fund, Altos Ventures, Goodwater Capital, and Greyhound Capital.
The fintech aims to build a ‘one-stop” financial app to provide customised product recommendations from banks and securities and insurance companies by using user-engagement data, Viva Republica said. The deal values Toss at USD 2.6 billion, with the company landing a total of USD 530 million in funding so far.
Toss, launched in 2015 as a money transfer service, has been downloaded 49 million times, and has more than 17 million registered users, according to Caixin publication. The platform now provides a range of financial services, including banking, money transfer, dashboard, and credit score management.
In 2019, Viva Republica obtained preliminary approval to operate a digital bank, Toss Bank, in South Korea, which would make it the country’s third digital bank after Kakao Bank and K Bank. Operations were expected to begin in 2021.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright