South Korean fintech Viva Republica has raised US$ 173M in a funding round on 28 Aug 2020. Viva Republica is the parent company of peer-to-peer payment service Toss.
The round was led by existing investors including Sequoia Capital China. Other investors that participated in the round included Aspex Management, Goodwater Capital, Kleiner Perkins Digital Growth Fund, Altos Ventures and Greyhound Capital. After a total funding of US$ 530M so far, the value of Toss increased to US$ 2.6B.
As per Bloomberg, Viva Republica was aiming to raise around $200 million before. The funds will be used to build a one-stop financial application to provide customized product recommendation from banks and securities and insurance companies by using user-engagement data.
Toss was founded in 2011, and launched in 2015 as a money transfer service. It was founded by Seunggun Lee. As per the company, it has garnered more than 17 million users and has been downloaded 49 million times. Toss partners with various incumbent financial organizations and fintech players with an aim to provide their customers with services that cover all facets of their financial lives, including payments, loans, investments, credit score management, spending analysis, and insurance products. It has launched over 10 financial services till date.
“We are building a financial super app fundamentally innovating across every facet of consumer finance. We believe that this fundraising has brought us a step closer to reaching our goal and we will continue to dedicate our efforts until we revolutionize all financial activities within everyday lives through Toss,” said Lee, Founder and CEO of Viva Republica.
In 2019, Viva Republica had also obtained a preliminary approval to operate its digital bank – Toss Bank, in South Korea. This would make it Korea’s third largest digital bank after Kakao Bank and K Bank. It is expected to start operating by 2021. “We believe that this fundraising has brought us a step closer to reaching our goal and we will continue to dedicate our efforts until we revolutionize all financial activities within everyday lives through Toss.” said Lee.
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