Viva Republica, the operator of South Korean payments app Toss, has secured $80m in a funding round led by venture capital firms Kleiner Perkins and Ribbit Capital. The investment values the company at $1.2bn.
Kleiner and Ribbit were joined by existing backers Altos Ventures, Bessemer Venture Partners, Goodwater Capital, KTB Network, Novel, PayPal and Qualcomm Venture.
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Toss investment will drive expansion plans
The new Toss investment takes the total capital raised by the firm till date to around $200m.
With the new capital, the firm aims to speed up its business expansion plans in Korea. This includes a securities brokerage business.
The firm also intends to expand operations in Southeast Asia using the investment.
Kleiner Perkins general partner Noah Knauf said: “South Korea is one of the world’s largest economies and is at the forefront of an emerging fintech movement driven by an explosion of mobile adopters.
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By GlobalData“Led by a focussed and driven leadership team, Toss’ best-in-class product portfolio is poised to fundamentally transform how consumers access and manage their finances securely and with ease.”
Toss, introduced three years back as a peer-to-peer (P2P) money transfer service, currently has a user base of has over 10 million.
At present, Toss offers a range of financial services within its app that include a financial dashboard, credit score management, and insurance.
