South Korea's Toss app maker raises US$40m from GIC, Sequoia China

VIVA Republica, the maker of South Korean money transfer app Toss, has raised US$40 million of bridge funding from Singapore sovereign wealth fund GIC and venture investor Sequoia China.

The deal brings Viva Republica's total funding raised to US$116 million.

Toss, which allows users to perform peer-to-peer money transfers, manage their credit scores, obtain loans and insurance plans and other investment services, will be GIC's first investment in a Korean startup. It will be Sequoia China's first investment in a Korean company.

Toss has more than eight million registered users, almost double year-ago levels. It boasts US$10 billion of trackable transaction volumes per month.

"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," SG Lee, co-founder and CEO of Viva Republica, said in a statement.