Korean Fintech Startup Gets PayPal Money

Blockchain, FinTech, Investing, News | March 17, 2017 By:

South Korean fintech startup Viva Republica has raised $48 million in a Series C round of funding that includes an investment from PayPal and VC firm Goodwater Capital.

Seoul-based Viva Republica is the developer of Toss, a peer-to-peer payments application. The company claims Toss has processed more than $3 billion in transactions from a base of six million registered users.

Viva Republica has now raised over $77 million in total funding since its founding in 2013. Bessemer Venture Partners, Altos Ventures and Partech Ventures also participated in the round, TechCrunch reported.

“PayPal is the number one player in online payments globally. Their participation shows that they recognize our potential. With their help, we can advance to the next level, globally and at speed,” said Viva Republica’s CEO, SeungGun (SG) Lee.

Lee said a major part of the new funding will go toward introducing a loan marketplace to Toss in order to offer further credit options, micro-insurance, and TransferWise-style cross-border money transfers.

A portion of the funding will also be used to increase awareness of the Toss service.

Goodwater Capital partner Eric Kim told TechCrunch that Viva Republica is on a “clear path to it becoming one of Asia’s most significant fintech unicorns.” He went on to note that “before Toss, users required five passwords and around 37 clicks to transfer $10. With Toss, users need just one password and three steps to transfer up to KRW 500,000 ($430).”