Toss operator Viva Republica has attracted 300 billion won ($228 million) worth of Series G Bridge investment, which will be fulfilled in two installments in July and August.
The investment has been led by Altos Ventures (100 billion won/$76 million), Viva Republica’s initial investor, and foreign shareholders such as Goodwater and Greyhound also participated. Among domestic institutional investors, KDB Bank (100 billion won/$76 million) and Kwangju Bank (20 billion won/$15 million) participated. Daol Investment (formerly KTB Network) and Mirae Asset Securities also participated as small-scale investors.
The enterprise value was recognized at 8.5 trillion won ($6.5 billion). In a situation where the corporate values of many startups are being revised downward, only Viva Republica has drawn a slight upward curve.
The latest funds will be used for additional investments and new businesses to accelerate the growth of major affiliates such as Toss Bank and Toss Securities.
Viva Republica established a corporation in 2013 and launched Toss, a simple remittance service, in 2015. As of 2021, it is creating a new paradigm for financial startups, with more than 20 million cumulative subscribers and 1 trillion won in accumulated investment, becoming one of the world’s top 100 fintech companies, and exceeding 8 trillion won ($76 billion) in corporate value.
The business is now expanded to include free credit inquiry services, Toss credit card, and Toss Securities. This month, the startup acquired ‘Merchant Korea,’ a thrifty phone operator (MVNO), and announced a thrift phone subscription service through the Toss app.
Arie Baisch
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