Korean startup Viva Republica, the developer of p2p money transfer app Toss, has raised a US$80 million round of funding at a $1.2 billion valuation led by American VC firms Kleiner Perkins and Ribbit Capital.
Other participating investors include Altos Ventures, Bessemer Venture Partners, Goodwater Capital, KTB Network, Novel, PayPal and Qualcomm Ventures.
The company will use the newly-raised capital to establish a securities brokerage business and also expand its presence across Southeast Asia.
Launched in 2015, Viva Republica’s Toss platform has over 10 million registered users and conducts over US$1.5 billion in money transfers monthly, according to an official press release.
The fintech platform also offers over 25 financial services including a financial dashboard, savings/loan accounts, credit score management, customized loan/insurance plans, and multiple investment services such as P2P investment, mutual funds, and foreign stocks.
“South Korea is one of the world’s largest economies and is at the forefront of an emerging fintech movement driven by an explosion of mobile adopters,” said Noah Knauf, General Partner at Kleiner Perkins.
“Led by a focused and driven leadership team, Toss’ best-in-class product portfolio is poised to fundamentally transform how consumers access and manage their finances securely and with ease,” he added.
The startup has raised nearly US$200 million to date. Its other previous investors include Singapore sovereign wealth fund GIC and Sequoia China.
Recently, Viva Republica was ranked 28th in KPMG’s 2018 Fintech 100.
Image Credit: Viva Republica