Toss, South Korea’s largest fintech startup seeks $200M funding for expansion

Chandrima S.May 8, 20207 min

Toss, South Korea’s largest fintech startups’ operator- Viva Republica Ltd. has plans for raising around $200 million in funding from investors to finance the expansion of the company into security trading and online banking services.

Toss has just embarked on its funding round and has high hopes of completing it in the coming few months. This was stated by the founder of the company, Lee Seung-gun where he also refused to disclose the expected valuation of the company. Lee also stated that he has plans of taking the company public in around two to three years, with a listing in the U.S, Hong Kong, South Korea, or two of the destinations.

Lee founded Toss in 2011 and incorporated it in 2013. Toss is now the largest fintech startup in South Korea and has around 10 million active users monthly. The company reached its very first break-even month in April this year and now processes 4.5 trillion won ($3.7 billion) of transactions per month. Toss had handled around 9.2% of South Korea’s online transfers in 2019. 

Toss is planning to start a service of securities brokerage in the second half of this year. It also has plans of building an internet bank in the next year’s month of July. All of this will help the company to win a bigger slice of the financial market of about $43 billion, in South Korea.

The 38-year-old dentist turned entrepreneur and founder of a startup, Lee stated in an interview that a company that will grow fast and make a profit during times like these will get more money. He also revealed the goal of the company of becoming a finance super application which will make people go to the Toss app for any financial activity they want to conduct, with having any questions in mind.

The revenue of Toss has grown six times in the last two years.

To know more about such updates from the fintech industry, follow the fintech buzz. Fintechbuzz delivers regular content in various forms relating to the on-goings in the fintech field.

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Chandrima Samanta, Content-Editor, FintecBuzz

Chandrima is a Content management executive with a flair for creating high quality content irrespective of genre. She believes in crafting stories irrespective of genre and bringing them to a creative form. Prior to working for Hrtech Cube she was a Business Analyst with Capgemini.

Chandrima S.

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