Aditya Hadi Pratama · · 1 min readToss operator set to raise $1b to take on Grab, GoTo in Southeast Asia
South Korea-based Viva Republica, which operates mobile financial app Toss, is set to raise up to US$1 billion in the second quarter this year to take on Grab and GoTo in Southeast Asia, Financial Times reported.
Toss expanded to Vietnam in 2019 by offering money transfer and debit card services. It currently has 3 million active users in the country and adds more than 500,000 new users every month.
According to Lee Seung-gun, CEO of Viva Republica, the firm has around 11 million monthly active users in South Korea, with sales having doubled to US$676 million last year. It plans to enter five more countries – Indonesia, Malaysia, Thailand, India, and the Philippines.
In June 2021, Viva Republica raised US$410 million at a US$7.4 billion valuation. Since its establishment, the firm has raised US$940 million in total.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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