South Korean fintech firm Viva Republica raises $405 million in Series G funding

South Korean fintech firm Viva Republica, the operator of Toss, a finance super app, has announced the completion of a 365.1 billion won ($405 million) Series G funding round, valuing the firm at 9.1 trillion won ($7 billion).

Founded by Seung-gun Lee in 2015, Viva Republica began as a money-transfer app called Toss. In 2018, the company received $80 million in funding, valuing it at $1.2 billion and earning it a place in the unicorn club.

Since then, Toss has expanded to offer a range of financial services, including banking, P2P lending, mobile stock trading and investing, insurance, and credit scoring. Most recently, Toss launched a buy now pay later service in March 2021, which has already gained over 1 million registered users.

Viva Republica claims to have the largest market share of any fintech company in South Korea in terms of monthly active users, with 24 million registered users for Toss and 14 million monthly active users as of August 2021.

Viva Republica will use the proceeds to invest in its products, including Toss Bank, a digital lending and online payment service, and Toss Securities, a retail investment app.

The firm, which aims to achieve profitability next year, is reportedly considering an initial public offering in the next four years.