By Joyce Lee
SEOUL (Reuters) – South Korean mobile finance app operator Toss has raised $ 410 million in new funding, valuing the company at $ 7.4 billion, operator Viva Republica said on Wednesday. .
With new funding, Toss is looking to expand its presence in Southeast Asia beyond Vietnam. He plans to enter another country in the second half of this year and several more from next year, CEO SG Lee told Reuters.
The $ 7.4 billion valuation stems from the rapid growth of Toss, which has 20 million users, or more than a third of the 51.8 million Koreans. This is an increase from just 370,000 when the service launched in 2015.
Having started as a money transfer service, it offers online payment processing for traders and securities investments. It also plans to launch in-app banking in September, adopting an all-in-one “super app” for financial needs.
Lee said such a dedicated approach differentiates Toss from its competitors with massive platforms, like Kakao, operator of the dominant chat app in South Korea, and Naver, the dominant web portal, which also offers services. financial.
“Instead of randomly collecting users, users recognize this as a financial app, solving financial problems… It ends up making a huge difference in revenue per user,” he said.
Its investment service, called Toss Securities, has attracted 3.5 million users in the three months since its launch in March – said Viva Republica, buoyed by the interest of individuals in equity investments.
Its app for the Vietnamese market, Toss Vietnam, has garnered 3 million monthly active users this month, up from 1 million in March, after starting as a reward app in 2020. It offers services such as money transfer and debit cards.
Viva Republica expects to have a concrete plan to launch an IPO process within three years and is open to various listing venues, including the United States or South Korea, Lee said.
(Reporting by Joyce Lee; Editing by Dan Grebler)