South Korean technology company Viva Republica, which operates finance super app Toss, has wrapped up a $405m Series G funding round, TechCrunch has reported.
Tonic Private Equity led the round, which saw participation from existing investors including Korea Development Bank (KDB), Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, Bond Capital and DUMAC.
Korea Investment & Securities also joined the investment round, which valued the firm at $7bn (KRW9.1 trillion).
The first and second Series G closes, totaling $226m (KRW295.8bn) and $175.8m (KRW229.3bn), respectively, were completed in the third quarter of 2022.
The third close of the new investment was conducted in November, the publication said citing GIC-backed Viva Republica.
Speaking to TechCrunch, Viva Republica chief operating officer Hyunwoo Seo stated that “profitability” is essential right now and is just as important as growth, particularly in these challenging market conditions.
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To achieve that goal, Toss will use the latest capital infusion to invest in its products including digital lending and online payment service for local merchants and individuals.
According to Seo, the new funding will also enable Toss to hasten growth for its challenger lender Toss Bank, which Viva Republica launched last year and Toss Securities, a retail investment app.
Founded by Seung-gun Lee, Toss started as a money transfer app in 2015 and since then it has expanded its portfolio to include services such as banking, P2P lending, mobile-based stock trading and investing, insurance, credit scoring service among others.
In March, Toss launched a buy now pay later (BNPL) solution, which is said to have added over one million users.
Few months later, in May 2022, Toss Bank launched banking services for foreign expats to give them access to diversified services.