South Korea fintech startup Viva Republica raises US$64m in funding round

South Korea fintech startup Viva Republica raises US$64m in funding round

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2 -min read
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SOUTH Korean fintech startup Viva Republica, which operates mobile financial services platform Toss, has raised some US$63 million at a US$2.2 billion valuation led by Hong Kong-based Asian equity investment firm, Aspex Management. 

Also participating in this funding round are existing investors GIC, Sequoia Capital China, Kleiner Perkins, Altos Ventures, Goodwater Capital and Bessemer Venture Partners.

The latest injection of funds will bring the total amount raised by the company to date to about US$250 million, Viva Republica announced in a press statement on Thursday. 

Since its launch in 2015 as a P2P (peer-to-peer) money transfer service, Toss has evolved into a platform providing a full suite of financial services in one app, including money transfer service; a dashboard that allows users to view bank and credit/debit card transactions, and manage their credit score, loan and insurance plans; and various investment services, the company said. 

Viva Republica said that Toss has been downloaded more than 30 million times, and has over 13 million registered
users, which is more than a fifth of Seoul's population. It added that the app has processed about US$42 billion of transactions. 

Hermes Li, founder and chief investment officer of Aspex Management, said the investment firm likes the large market financial services offer, and the "unique leading position" Toss occupies among mobile consumers.

SG Lee, chief executive officer of Viva Republic, said: "We are truly pleased that Toss has gained further momentum to embark upon the next phase of its journey. Our mission is to provide the best possible financial service experience to users, and we will continue to do our best for Toss to become the only service needed for users' safe and easy day-to-day financial lives."