Viva Republica, the Korean fintech startup behind financial services app Toss, has raised $40 million in funding. The round was led by GIC and Sequoia China and brings the company’s total amount of funding raised to $116 million.
Toss started as a peer-to-peer (P2P) money transfer service in 2015 and has now expanded into a platform with a full suite of financial services, allowing users to manage every facet of their daily financial lives.
The app claims to have more than 8 million registered users, a customer base that has nearly doubled from a year ago.
SG Lee, co-founder and CEO of Viva Republica, said:
“We are proud and honoured to become partners with GIC and Sequoia China – some of the world’s most prominent investors. This bridge round is a strategic investment which will enable us to explore major opportunities such as investments and acquisitions to become the go-to service for all consumer financial needs while providing superb user experience.”
Glen Sun, partner of Sequoia China, added:
“Toss’ evolution as a mobile financial services platform is very impressive. In addition to a seamless user experience and robust technology stack, the company’s monetisation strategy and revenue growth are also remarkable. In Toss, we see all the signs of a successful company that we’ve witnessed in our portfolio – companies that have grown to become Asia’s leading unicorns. We strongly believe that Toss will dominate the Korean market and become a fintech giant.”
This funding is GIC’s first investment in a startup in Korea and Sequoia China’s first investment in a Korean company. With this bridge funding round, Viva Republica will gain significant momentum in accelerating its growth and enhancing product development.