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.