Viva Republica, developer of Korean financial super app Toss, raises $410M at a $7.4B valuation
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strategy.”Toss
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Summary
It will also use the funding to continue its expansion in overseas markets, including Vietnam, where Toss launched last year.Viva Republica, which hit unicorn status in 2018, has now raised more than $940 million in equity funding.Payment service Toss becomes Korea’s newest unicorn after raising $80MFounder and chief executive officer SG Lee told TechCrunch that Toss Bank will focus on lending, and also offer savings accounts with competitive interest rates.“A lot of challenger banks and neobanks are focusing on the banking experience, such as cards, so their main revenue source is interchange fees,” he said. Over the past three months, it has signed up more than 3.5 million users.Viva Republica launched Toss in Vietnam, its first international market, in 2020, and the app now has services like no-fee money transfers, debit cards and a financial dashboard through a partnership with CIMB bank.
As said here by Catherine Shu