Toss, the widely used South Korean financial super app operated by Viva Republica, is planning to go public in the US as early as the second quarter of 2026, aiming for a valuation of more than US$10 billion, according to two sources familiar with the matter.

As reported by Reuters, the valuation could rise to over US$15 billion if market conditions are favourable.

One source added that the offering could raise between US$2 billion and US$3 billion, potentially making it the largest US IPO by a South Korean company since Coupang’s US$4.6 billion debut in 2021.

Toss offers a wide range of services, including banking, payments, insurance, stock trading, and tax reporting.

As of December, the platform had over 24 million monthly active users, nearly half of South Korea’s population, and more than 100,000 business customers.

While currently focused on the South Korean market, Toss has ambitions to go global.

In March, it announced a goal of having international users make up half of its total user base within five years.

A source said the company plans to use proceeds from the IPO to support this global expansion.

Toss reportedly began inviting investment banks to pitch for IPO roles late last year and is expected to issue mandates in the coming weeks.

All sources requested anonymity due to the confidential nature of the plans. Toss declined to comment.

US listings by South Korean companies remain rare, with only a few in the past five years.

One source noted Toss favours a US debut for better access to a larger investor base familiar with tech companies.

Toss reported 1.96 trillion won (approximately US$1.9 billion) in revenue for 2023 and logged its first-ever operating profit of 90.7 billion won.

To date, it has raised over 1.6 trillion won from investors including Altos Ventures, Goodwater Capital, Singapore’s GIC, Korea Development Bank, and HSG (formerly Sequoia Capital China).

Featured image credit: Edited by Fintech News Hong Kong, based on image by h9images via Freepik