Viva Republica, the operator of peer-to-peer fee service Toss, has raised $173 million in a spherical led by present traders together with Sequoia Capital China, the South Korea-based fintech mentioned Friday.
Different present traders collaborating within the spherical included Aspex Administration, Kleiner Perkins Digital Progress Fund, Altos Ventures, Goodwater Capital, and Greyhound Capital, the corporate mentioned in a press launch.
In May, Bloomberg reported Viva Republica aimed to lift round $200 million.
The funding is earmarked for constructing a “one-stop” monetary app to supply custom-made product suggestions from banks and securities and insurance coverage firms by utilizing user-engagement information, Viva Republica mentioned.
“We are building a financial super app fundamentally innovating across every facet of consumer finance. We believe that this fundraising has brought us a step closer to reaching our goal and we will continue to dedicate our efforts until we revolutionize all financial activities within everyday lives through Toss,” mentioned SG Lee, co-founder and CEO of Viva Republica.
The deal values Toss at $2.6 billion, with the corporate touchdown a complete of $530 million in funding thus far, it added.
Toss, launched in 2015 as a cash switch service, has been downloaded 49 million occasions, and has greater than 17 million registered customers, the assertion mentioned. The platform now supplies a spread of economic companies, together with banking, cash switch, dashboard and credit score rating administration.
Late final yr, Viva Republica obtained preliminary approval to function a digital bank, Toss Bank, in South Korea, which might make it the nation’s third digital bank after Kakao Bank and Ok Bank. Operations had been anticipated to start in 2021.
Viva Republica mentioned Friday it deliberate to “disrupt” the mid-interest-range loan market, utilizing proprietary consumer information to decrease delinquency charges for subprime credit score lending.
Toss has beforehand raised $261.2 million from 16 traders, together with from PayPal Ventures, GIC and Victor Koch, in response to Crunchbase information.