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December 11, 2018

Payments app Toss receives $80m investment

Viva Republica, the operator of South Korean payments app Toss, has secured $80m in a funding round led by venture capital firms Kleiner Perkins and Ribbit Capital. The investment values the company at $1.2bn.

Kleiner and Ribbit were joined by existing backers Altos Ventures, Bessemer Venture Partners, Goodwater Capital, KTB Network, Novel, PayPal and Qualcomm Venture.

Toss investment will drive expansion plans

The new Toss investment takes the total capital raised by the firm till date to around $200m.

With the new capital, the firm aims to speed up its business expansion plans in Korea. This includes a securities brokerage business.

The firm also intends to expand operations in Southeast Asia using the investment.

Kleiner Perkins general partner Noah Knauf said: “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.

“Led by a focussed 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.”

Toss, introduced three years back as a peer-to-peer (P2P) money transfer service, currently has a user base of has over 10 million.

At present, Toss offers a range of financial services within its app that include a financial dashboard, credit score management, and insurance.

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