South Korea’s Viva Republica, operator of the mobile payment app Toss, drew $64 million from Aspex Management and other investors, with the total funding now reaching 300 billion ($247.9 million) on a valuation of $2.2 billion.

This was Aspex Management’s first investment in a non-listed firm. Founded in 2018, the Hong Kong-based investment company has been on the hunt for promising new startups across Asia.

The latest funding round also included existing investors like Kleiner Perkins, Altos Ventures, Goodwater Capital and Singapore GIC, the company said.

Toss gained instant popularity when it came out in 2015 as a simplified mobile payment service that did away with the cumbersome verification process.

With a single app, users can make wire transfers, view their credit card and insurance data, as well as gain access to a range of services like loans and financial products.

As of July, Toss was downloaded 30 million times and has a user base of more than 13 million, with the total value of transactions reaching 51 trillion won.

By Chung Joo-won and Kim Hyo-jin

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