South Korean P2P payments operator Viva Republica raises USD 173 mln

Friday 28 August 2020 10:44 CET | News

Viva Republica, the South Korea-based operator of peer-to-peer payment service Toss, has raised USD 173 million.

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.

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Keywords: Toss Bank, South Korea, funding, banking, P2P payments, Viva Republica, banking, money transfer, dashboard, credit score, lending
Categories: Banking & Fintech
Countries: Korea, Democratic People's Republic of
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Banking & Fintech