The deal is GIC’s first investment for a Korean startup as well as Sequoia China’s first venture in a Korean company.
GIC and venture investor Sequoia China backs fintech app Toss maker Viva Republica in South Korea with $54.1m (US$40m). The deal is GIC’s first investment for a Korean startup as well as Sequoia China’s first venture in a Korean company, an announcement revealed.
Toss is a mobile finance platform by Viva Republica that began as a person to person (P2P) money transfer service in 2015. The app also allows users to access a financial dashboard, credit score management, customised loan/insurance plans and multiple investment services.
“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,” Sequoia China partner Glen Sun commented.
The deal raised the app’s total funding to $156.73m (US$116m).
“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,” Viva Republica CEO and co-founder SG Lee said.
In 2017, payment giant Paypal invested $63.51m ($47m) in Toss.
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