PayPal-Backed Korean Fintech Raises $64 Million
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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.
Questions & Answers
Q.What is the total valuation of Viva Republica following this latest funding round?
What is the total valuation of Viva Republica following this latest funding round?
The firm's total value has reached $2.2 billion after securing an additional $64 million. This latest investment contributes to their overall valuation, reflecting their growth and market position as a fintech unicorn.
Q.Who were the lead investors in this recent $64 million funding round?
Who were the lead investors in this recent $64 million funding round?
This funding round was led by Aspex Management, a company established in 2018. They specialise in Asian equity investments, focusing on industries and firms with strong long-term growth potential in financial services.
Q.What services does the Toss platform currently offer its users?
What services does the Toss platform currently offer its users?
Toss has expanded beyond its initial P2P money transfer service to include various other financial offerings. These now encompass banking services, credit score management, and additional money transfer options for its registered users.
Q.How many registered users does Toss currently have and what is their processed transaction volume?
How many registered users does Toss currently have and what is their processed transaction volume?
Toss currently has 13 million registered users on its platform. These users have collectively processed over $42 billion in transactions through the various financial services offered by the fintech company.
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