Toss, a South Korean super app operated by fintech startup Viva Republica, announced that it has raised a US$405 million Series G funding round and is now valued at US$$7 billion, according to a report by TechCrunch.
This is the third tranche of Toss’ Series G as the company had previously raised approximately US$226 million and US$175.8 million in the third quarter of 2022.
In addition to that, the super app had managed to secure US$410 million in pre-Series G funding just last year.
The fundraise was led by Tonic Private Equity which was joined by the state-run Korea Development Bank (KDB), Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, Bond Capital, DUMAC as well as Korea Investment & Securities.
With the news funds, Toss aims to bolster its suite of products especially the digital lending and payment services for individuals and businesses.
Toss will also use the new investment to grow its neobank, Toss Bank, as well as its investment app, Toss Securities.
The company is also looking to go public by 2026 but the plan is contingent upon Toss turning a profit by then.
Launched in December 2021, Toss offers features such as banking, P2P lending, mobile-based stock trading and investing, insurance, credit scoring service, and more to its 5 million users.
