Global payments giant PayPal has invested in South Korean FinTech startup Viva Republica. The company has finalized a $48 million series C funding round with PayPal and a number of other high-profile firms. The round was led by Goodwater Capital and featured global investment heavyweight Bessemer Venture Partners.
Viva Republica is the developer behind Toss, a financial services application that is extremely popular in South Korea, mainly for P2P money transfers. Since launching Toss in 2015, the company has processed more than $1 billion in P2P transactions and secured $76 million in funding to date. Toss has also partnered with 18 of Korea’s 19 major banks, which has helped the company reach 98% of Korea’s banking customers.
According to Viva Republica, six million Koreans now use Toss for borrowing and repaying funds, splitting the bill at restaurants, online purchases and paying bills. Since its release, the company has added several new services with plans to add many more. Toss will add services like micro-loans and credit score management in 2017 in an effort to become a one-stop app for their customers’ financial needs.
Commenting prior to the latest deal about the company’s success and future goals, Lee stated, “We strive to give consumers the financial information and the freedom they need. Toss’ rapid adoption throughout Korea is a testament to the fact that people are more than ready to embrace legitimate mobile solutions that simplify essential day-to-day financial activities. Our two latest products create an even more compelling and streamlined experience.”
Speaking of PayPal’s participation in the latest round, CEO, SG Lee said, “They are 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.”
As PayPal invests in Toss app, it joins several other US based companies and VC firms that have invested in fast growing Asian FinTech startups.
This article was originally published at The FintechBuzz