South Korean fintech platform Toss secures $80m funding at $1.2b valuation

The team at Toss

Seoul-based fintech startup Viva Republica, the PayPal-backed maker of financial services platform Toss, on Monday announced that it has secured $80 million in a funding round that valued the company at $1.2 billion.

The round was co-led by first-time Korea investors Kleiner Perkins and Ribbit Capital and backed by many return investors, including Altos Ventures, Bessemer Venture Partners, Goodwater Capital, KTB Network, Novel, PayPal, and Qualcomm Ventures.

Viva Republica, founded in 2013, said the investment will help it gain “significant momentum” in accelerating its business growth and expansion.

The company launched Toss, Korea’ first P2P money transfer service, in 2015.

Toss has since evolved into a platform providing a full suite of financial services, allowing its more than 10 million registered users to manage their daily financial lives.

It claims to have reached a transaction volume run rate of $18 billion. It offers more than 25 financial services on the app, including a financial dashboard, savings/loan accounts and credit score management, among others.

“South Korea is one of the world’s largest economies and is at the forefront of an emerging fintech movement driven by an explosion of mobile adopters. Led by a focused and driven leadership team, Toss’ best-in-class product portfolio is poised to fundamentally transform how consumers access and manage their finances securely and with ease,” said Kleiner Perkins general partner Noah Knauf.

The $80-million round brings the total funding raised by Viva Republica to nearly $200 million.

In June of this year, Singapore sovereign wealth fund GIC and venture investor Sequoia Capital China had together invested $40 million in a funding round for Viva Republica.

The company had closed a $48-million Series C funding round led by San Mateo-based VC firm Goodwater Capital, and joined by payment giant PayPal in March last year, after securing a $23.7-million Series B round also from Goodwater a year prior.

Also Read:

Singapore’s GIC, Sequoia China invest $40m in Korean fintech startup Viva Republica

Paypal joins Goodwater-led $48m round for Korea’s Viva Republica