South Korean Fintech payment company Viva Republica has closed a KRW 55 billion ($48 million) Series C round of funding that involves investors like P
South Korean Fintech payment company Viva Republica has closed a KRW 55 billion ($48 million) Series C round of funding that involves investors like PayPal.
Launched in February 2015, the popular peer-to-peer payment application called Toss was created by Viva Republica. Toss collaborates with 18 of Korea`s 19 major banks and thus has direct access to 98% of the banking customers in South Korea.
“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 (approx. $430). The process is quick and simple.”, said the former dentist and chief executive of Toss, SeungGun (SG) Lee, in an interview with cryptocoinnews.com.
According to Viva Republica, they have attracted 6 million users and processed over $3 billion in money transfers since its public release two years ago. Viva Republica has now raised over $77 million in total with its latest series C round attracting Silicon Valley firms like Goodwater Capital and Bessemer Venture Partners.
“We’ve done extremely well attracting millennials to Toss.”, said Lee in press statements. “Now we’re developing services that will appeal to an older audience, for example, a range of financial management services.”, he added.
The funding the company received will be used to expand the services offered on the Korean market.
It is not surprising that investors turn its attention towards South Korea. The country is known to have solid technology infrastructure and population that demands the development of new services.
Recently, the South Korean messaging platform Kakao Corp gained $200 million funding for its mobile payment subsidiary from China`s Ant Financial, the financial investment arm of Alibaba Group and the world`s most valuable Fintech company, as FTReporter noted earlier this year.
“South Korea is an important market for Ant Financial in its global expansion, and we see many opportunities in the market for innovation services and growth in mobile payments.”, said Douglas Feagin, president of Ant Financial International after last month`s Fintech megadeal.