While the Korean startup ecosystem is facing the worst winters as an investment is drying up, news of Korean FinTech startup Viva Republica receiving overwhelming Series G funding may bring some cheer to the year’s end. It also brings forth the strong ability of Korean startups to survive and thrive despite economic downturns. Viva Republica, which operates super app Toss, has raised $405 million in a series G funding round led by Tonic Private Equity.
Korea Development Bank (KDB), Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, Bond Capital and DUMAC returned as investors in the round. Korea Investment & Securities also participated in the latest funding.
Viva Republica is now valued at 9.1 trillion won ($7 billion), an increase from its valuation of 8.5 trillion won ($6.5 billion) after it raised US$410 million in June 2021.
Viva Republica established a corporation in 2013 and launched Toss, a simple remittance service, in 2015. As of 2022, the Korean unicorn startup offers stock trading, investing, insurance, peer-to-peer lending, credit scoring, and buy now, pay later services on the Toss app. According to the company, Toss has 24 million registered users in South Korea as of August 2022.
Viva Republica intends to use the fresh funds to develop its offerings, such as Toss Bank and retail investment app Toss Securities, which aim to reach profitability by next year. The company also has set foot in Southeast Asia with the availability of Toss in Vietnam.
Viva Republica has also been on a hiring spree since October, in stark contrast to many global fintech companies conducting major layoffs this year. The Seoul-based company will have over 1,900 employees in 2022.
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- Viva Republica’s digital banking venture Toss Bank gets final nod; starts business in September
- Korean Fintech startup Viva Republica’s Toss becomes a Financial Super App with fresh funding of $173 million
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