South Korea’s peer-to-peer money transfer app Toss readying launch of the country’s third app-based bank in the second half raised 460 billion won ($404.7) from new and existing investors.

Viva Republica, the operator of Toss, said Wednesday that it bagged 100 billion won from the country’s state lender Korea Development Bank and $74 million from U.S. investor Alkion. The latest round was also joined by its existing investors including Altos Ventures and Greyhound Capital.

“The investors valued Toss at $7.4 billion, growing three times from the previous fundraising round that took place 10 months ago,” said the company.

Toss boasts the highest number of monthly users among the country’s fintech apps at 11 million. As it has grown as one of the most successful fintech companies in Korea, it is now looking to expand its business in the global market. It has around 3 million monthly users in the Vietnamese market.

Its revenue totaled 390 billion won in 2020, and is expected to surpass the 1 trillion won mark this year.

With the new funding, Viva Republica will invest in its affiliates to foster their growth.

“Now that Toss is a direct player in the major financial sectors such as banking and brokerage, we will redesign financial services and products from the customers’ viewpoint,” said Lee Seung-gun, CEO of Viva Republica.

By Pulse

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