Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Toss Raises $40 Million From GIC and Sequoia China

Viva Republica, Korea’s foremost fintech startup and maker of financial services app Toss, announced today that it has completed a $40 million round of funding from GIC and Sequoia China, bringing the company’s total amount of funding raised to $116 million.

Started as a P2P money transfer service in 2015, Toss has now expanded into a platform providing a full suite of financial services, allowing users to easily manage every facet of their daily financial lives.

Beyond money transfers, users can now conveniently utilize an array of consumer finance services within a single app, including a financial dashboard, credit score management, customized loan/insurance plans, as well as multiple investment services.

With more than 8 million registered users, a customer base that has nearly doubled from a year ago, Toss is expected to process over $17 billion in transaction run-rate and has a total trackable monthly transaction volume of about $10 billion.

“Toss’ evolution as a mobile financial services platform is very impressive. In addition to a seamless user experience and robust technology stack, the company’s monetization strategy and revenue growth are also remarkable. In Toss, we see all the signs of a successful company that we’ve witnessed in our portfolio – companies that have grown to become Asia’s leading unicorns. We strongly believe that Toss will dominate the Korean market and become a fintech giant,” said Glen Sun, Partner of Sequoia China.

This funding is GIC’s first investment in a startup in Korea and Sequoia China’s first investment in a Korean company. With this bridge funding round, Viva Republica will gain significant momentum in accelerating its growth and enhancing product development.

“We are proud and honored to become partners with GIC and Sequoia China – some of the world’s most prominent investors. This bridge round is a strategic investment which will enable us to explore major opportunities such as investments and acquisitions to become the go-to service for all consumer financial needs while providing superb user experience,” said SG Lee, co-founder and CEO of Viva Republica.