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

The PayPal logo is seen during an event at Terra Gallery in San Francisco, California May 21, 2015. REUTERS/Robert Galbraith

By Antonia Timmerman

March 10, 2017

US giant PayPal has joined a $48-million series B funding round, led by Goodwater Capital, into Viva Republica, the company behind Korean financial services app Toss.

Bessemer Venture Partners, Altos Ventures and Partech Ventures also participated in the round.

According to data compiled by TechCrunch, the deal takes total external financing into Viva Republica to $76 million to date.

Viva Republica is the owner of Toss, a platform started by former dentist SG Lee to offer an alternative for Korea’s payment system. Today, Toss has processed more than $3 billion in transactions from a base of six million registered users.

“Before Toss, users required five passwords and around 37 clicks to transfer $10. With Toss users need just 1 password and three steps to transfer up to KRW 500,000 ($430),” Lee said in a statement.

The Korean firm is PayPal’s second investment this year, after it backed health startup Virta.

Commenting on PayPal’s investment, Lee said: “We can learn a lot. Their history is quite similar to where we are now. When we have critical mass in Korea then we will consider how to attack global markets.”

In the more immediate term, he said, Toss was working to integrate its payments system with that of PayPal and Venmo to make transfers between them possible.

Viva Republica previously raised $23.7 million in a series B round also led by Goodwater Capital, along with Qualcomm Ventures, with participation from existing investors, Altos Venture and KTB Network.

Launched in February 2015, Viva Republic allows users to send money through three steps, filling the recipient’s bank account, transfer amount and password. Back in April last year, Viva Republic raised a sum of $23 million from KTB, a domestic venture capital firm, and Silicon Valley-based Goodwater and Altos Ventures.

Also Read:

S Korea: Viva Republica gets $23m Series B from Goodwater Capital, Qualcomm

S Korean cosmetics startup Memebox raises $60m in Series C extension round

PAG partners Korean brokerage to launch $180m property debt fund

Korea: Money transfer service Toss secures $23m from Goodwater Capital, Altos Ventures

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW