Payments industry is hot and big companies and venture capitalists are pouring money into it. The latest on the line is one of the largest payment apps in South Korea, Toss, which has successfully raised 40 million in investment from Singapore Sovereign Wealth fund GIC and Sequoia China. This brings company's total amount of funding raised to $116 million.
This is more of a bridge round for Toss and one of the first investments of GIC and Sequoia China in the Korean market. Previously in one of the rounds, Toss had raised 48 million from PayPal.
Toss started off in 2015 as a peer-to-peer money transfer service and now has expanded into full suite of financial services for consumers. Toss provides money transfer services and other consumer financial services within the single app such as investment services, customised loans /insurance plans, credit score management, financial dashboard et cetera.
Toss is already riding on a big growth momentum and its customer base has double from a year ago and it currently stands at 8 million registered users. Toss has total trackable monthly transaction volume of about 10 billion USD and is expected to process over 17 billion USD transaction run rate on an annual basis.
"Toss' evolution as a mobile financial services platform is very impressive. In addition to a seamless user experience and robust technology stack, the company's monetization strategy and revenue growth are also remarkable. In Toss, we see all the signs of a successful company that we've witnessed in our portfolio - companies that have grown to become Asia's leading unicorns. We strongly believe that Toss will dominate the Korean market and become a fintech giant," said Glen Sun, Partner of Sequoia China.
"We are proud and honored to become partners with GIC and Sequoia China - some of the world's most prominent investors. This bridge round is a strategic investment which will enable us to explore major opportunities such as investments and acquisitions to become the go-to service for all consumer financial needs while providing superb user experience," said SG Lee, co-founder and CEO of Viva Republica.