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South Korea's fintech Toss aims to raise USD 200 mln investment

Thursday 7 May 2020 14:24 CET | News

South Korea-based fintech startup Toss has planned to raise USD 200 million from investors to expand in online banking and security trading services.

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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Keywords: Toss, online banking, secure trading, South Korea, fintech, Paypal, Robinhood, Credit Karma, money transfer, loans, credit rating management, credit cards, securities brokerage, small businesses, internet bank, open banking
Categories: Banking & Fintech | Payments General
Countries: Korea, Republic of
This article is part of category

Banking & Fintech