Payment App Becomes Korea’s First Fintech Unicorn
On December 10, Toss became the fifth Korean unicorn startup, after its parent company, Viva Republica, announced that it raised an additional $80 million in funding, bringing total funding to $200 million and valuing the company at $1.2 billion. The new funding round was led by Silicon Valley-based venture capital firms Kleiner Perkins and Ribbit Capital. Previous funding came from PayPal, Sequoia and the Singapore Sovereign Wealth Fund Government Investment Corporation.
- Toss grew from a Venmo-like company that provided peer-to-peer payment services, to now include 25 different business lines, such as credit score management, customized insurance plans and loans.
- Toss is adding capabilities to its existing product line and as exploring overseas markets.
- China is Asia’s largest fintech market and Toss is building connections with local tech giants there such as Tencent.
- Toss is also eyeing Southeast Asia, specifically the six most populous countries in the region.