Toss operator raises $40 million from global investorsViva Republica, the start-up that operates the money transfer app Toss, has raised $40 million from the Singapore sovereign wealth fund GIC and a Chinese venture investor.
This is the first time that a Korean start-up has attracted investment from GIC and Sequoia China.
The three-year-old fintech firm received a combined 130 billion won ($117.7 million) in funding from global investors, including Paypal.
Toss is a simple cash transfer app that lets users “toss” money to others if senders have the recipient’s phone number and both users have the app downloaded.
The app also helps users manage their credit ratings as well as financial responsibilities such as loans.
It currently has eight million accumulated users, and cash transferred monthly averages 1.5 trillion won.
By Seo Ji-eun