South Korea’s Leading P2P Money Transfer App Raises $ 48 Million to Become Full-Service Consumer Finance App
Viva Republica, creator of Toss, Korea’s most popular P2P money transfer app, today announced it has closed a Series C funding worth KRW 55 billion (US $ 48 million) . Goodwater Capital led the round, with participation from PayPal Holdings, Inc. (Nasdaq: PYPL), Bessemer Venture Partners, Altos Ventures and Partech Ventures.
In the two years since its launch, To throw has processed over $ 3 billion in transactions from its 6 million users. This makes Toss 10 times the size of all of its competitors in Korea combined, according to data from the Bank of Korea. Over the past twelve months, Toss has also grown its user base 13-fold, mostly through word of mouth.
These numbers not only make Toss Korea the most popular money transfer app, but also make Viva Republica one of the fastest growing fintech companies in the world.
âToss’s growth as a product and as a team has been phenomenal,â said Eric Kim, Co-Founder and Managing Partner of Goodwater Capital. âIt has always proven to be world class in terms of products and technology, unlocking unprecedented growth. They are on track to serve 50% of Korean millennials by the end of this year and have a strong track record to launch services for all users. groups too. There is a clear path for them to become one of Asia’s most important fintech unicorns. “
This most recent investment brings Viva Republica’s fundraising total to KRW 87.5 billion (approximately US $ 76 million).
Their goal with this tour is to become Korea’s first full-service consumer credit app on mobile. Viva Republica has already launched three new products, available for the first time on mobile in Korea, which complement the Toss money transfer service. Toss Loans streamlines mobile loan processing time to under a minute, Toss Financial Dashboard provides a complete picture of a user’s financial accounts in a single app, and Toss Credit Score Monitoring service helps users maintain good credit rating.
A favorable relationship with Korean financial regulators and agreements with 18 of Korea’s top 19 banks have also placed the company on a solid footing for rapid future growth.
This funding round cements Viva Republica’s relationship with investors who have supported some of the best technology-driven consumer services in the world. PayPal, a global technology platform and leader in digital payments, also owns Venmo, a popular mobile payment service compatible with social networks that allows people in the United States to make and share payments with friends, family, and select businesses. Bessemer Venture Partners has funded some of Silicon Valley’s biggest success stories.
âWe are incredibly impressed with Viva Republica’s rapid growth, widespread user adoption and product execution. It has all the ingredients to become a dominant and market-leading financial services platform in Korea, and we believe there are a number of short-term monetization opportunities for the company. Bessemer is delighted to support its continued growth and development, âsaid Talia Goldberg, Investment Professional at Bessemer Venture Partners.
SG Lee, a former dentist turned entrepreneur, was personally frustrated by the archaism of Korea’s online and mobile banking experience. He founded Viva Republica in August 2013, with a mission to make consumer credit frictionless. The company’s first app was a revolution for P2P money transfers, reducing the process from 10 to three steps.
âAs a leader in the P2P money transfer market, we have an incredible opportunity to expand our product offering and user base in Korea, where vertical markets tend to cluster into one or two players. foreground, âsaid SG Lee, founder of Viva Republica. and CEO. âWe are taking full advantage of this opportunity by rapidly deploying new services that have proven their worth in other markets. Using this strategy, we strive to deliver a seamless user experience across all facets of consumer finance within a super simple mobile app.
For more information visit https://toss.im/