Viva Republica receives ￦300B in investments this month
Published: 21 Jul. 2022, 16:44
toss
Viva Republica, operator of internet-only Toss Bank, announced Thursday it received 300 billion won ($230 million) in investments this month.
The investors include California-based venture capital firm Altos Ventures and the state-run Korea Development Bank. They invested 100 billion won each.
Kwangju Bank and Mirae Asset Securities also pitched in, along with an undisclosed number of other investors.
Viva Republica said it is scheduled to receive another round of investments that could total 400 billion won in August.
The company said its corporate value was evaluated at 8.5 trillion won when the investment decision was made. Its corporate value was 8.2 trillion won in June, according to Viva Republica.
On the same day, Viva Republica said it signed a stock sale contract to acquire a 100 percent stake of Merchant Korea, a mobile virtual network operator that deals with budget phone plans.
The acquisition is planned to facilitate in allowing its app users to open a budget phone plan using Toss.
BY JIN MIN-JI [[email protected]]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)