PayPal-Backed Korean Fintech Raises $64 Million

South Korean fintech unicorn, Viva Republica, raised $64 million for its financial service platform Toss pushing the firm’s total value to $2.2 billion.

The Seoul-based fintech has raised a total of $250 million, including $80 million in the December round, and new funding joins prominent existing investors such Singapore’s GIC and Sequoia Capital.

Viva Republic was founded in 2013 and launched Toss in 2015 as a P2P money transfer service. It has since grown the platform to include various other financial services including banker, money transfer, credit score management and more. It currently boasts 13 million registered users with more than $42 billion of translation processed.

This funding round was led by newly established Aspex Management (founded in 2018) which specializes in Asian equity investments in industries and firms with long-term structural tailwinds.

We like the large addressable market financial services offer and the unique leading position Toss occupies amongst mobile consumers, said Hermes Li, founder and CIO of Aspex Management.