South Korea’s Viva Republica, which operates fintech super app Toss, has raised US$405 million in a series G funding round led by Tonic Private Equity, TechCrunch reported.
Viva Republica is now valued at 9.1 trillion won (US$7 billion), an increase from its valuation of 8.5 trillion won (US$6.5 billion) after it raised US$410 million in June 2021.
The firm’s CEO, Seunggun Lee, founded Toss in 2015. Initially launched as a money transfer app, the unicorn now offers stock trading, investing, insurance, peer-to-peer lending, credit scoring, and buy now, pay later services. The firm claims that Toss has 24 million registered users in South Korea as of this August.
The fresh funds will be invested to develop its offerings, such as Toss Bank and retail investment app Toss Securities – both of which aim to reach profitability by next year.
Bloomberg previously reported that the company was eyeing an IPO by 2025.
In Southeast Asia, Toss entered Vietnam in 2019, and Lee told TechCrunch that his company could potentially make future equity investments in the region.
See also: Series SEA: Who’s investing in the region’s fintech startups?
Currency converted from South Korean won to US dollars: US$1 = 1,293.78 won
Editing by Thu Huong Le and Jaclyn Tiu
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