International Finance

Viva Republica, operator of payment service Toss secures $173 mn funding

Viva Republica funding_IFM_Image
The funding round was led by Sequoia Capital China

South Korea-based fintech startup Viva Republica, the operator of peer-to-peer payment service Toss, has raised around $173 million in a fresh funding round, the media reported.

The funding round for Viva Republica was led by Sequoia Capital China.

Other existing investors that participated in the funding round include Aspex Management, Kleiner Perkins Digital Growth Fund, Altos Ventures, Goodwater Capital, and Greyhound Capital, Viva Republica revealed in a statement.

SG Lee, co-founder and chief executive at Viva Republica told the media, “We are building a financial super app fundamentally innovating across every facet of consumer finance. We believe that this fundraising has brought us a step closer to reaching our goal and we will continue to dedicate our efforts until we revolutionize all financial activities within everyday lives through Toss.”

Last year, Viva Republica received regulatory approval to open a digital bank in South Korea. The new entity is named Toss Bank.

Earlier this month, Viva Republica also announced the launch of a payment gateway subsidiary called Toss Payments.

In order to launch Toss Payments, Viva Republica took over full ownership of the mobile network giant LG Uplus’ payment gateway unit.

Kim Min-pyo, chief of Toss Payments told the media, “In global markets, tech-savvy payment gateway firms are driving change in the payment and e-commerce markets.”

“The newly launched firm will try to become a true business partner for its customers and bring change to the local payment market.”

So far, Toss has raised around $530 million in separate funding rounds and the company is valued at $2.6 billion.

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