South Korea’s first fintech unicorn Toss raises US$64M for expansion
Viva Republica, the startup behind South Korea’s P2P money transfer app Toss, announced today that it has secured a US$64 million funding at a valuation of US$2.2 billion, led by Hong Kong-based equity investment firm Aspex Management.
Existing investors, including Kleiner Perkins, Altos Ventures, Goodwater Capital, GIC, Sequoia Capital China, and Bessemer Venture Partners, also joined the round, bringing its total raised to date to about US$250 million.
The money will be used for its continued expansion and growth, a company spokesperson told e27.
This is the first investment by Aspex Management, an Asian equity investment firm founded in 2018 investing across the public and private equity markets.
Launched in 2015 as a P2P money transfer service, Toss has now become a platform providing various financial services all in one app, ranging from money transfer service and a dashboard allowing users to view bank and credit/debit card transactions, manage their credit score, loan and insurance plans, and various investment services.
To date, Toss has been downloaded more than 30 million times and has over 13 million registered users.
“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,” said SG Lee, CEO of Viva Republica.
In December last year, Toss raised a US$80 million in a funding round at a $1.2 billion valuation to become the first tech unicorn in the country.
Aspex Management was founded by Hermes Li together with a team of experienced investment professionals with a track record investing across Asia. It looks to invest in industries and companies exposed to large addressable markets with long term potential, as well as companies undergoing structural changes.