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Payment App Becomes Korea’s First Fintech Unicorn

Coresight Research

Key Points

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.

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