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PayPal invests in Korean payment app Toss

Friday 10 March 2017 | 10:33 AM CET

Viva Republica, a fintech startup that provides a P2P money transfer service called Toss, has received a USD 48 million investment from PayPal.

Other investors include Goodwater Capital, Bessemer Venture Partners, Altos Ventures and Partech Ventures. Toss had previously raised USD 29 million in earlier funding.

The young company has experienced rapid growth having seen over 6 million app downloads and transfering over USD 3 billion. It is a natural fit for PayPal and its Venmo service as it seeks to expand grow operations around the world. Toss says it handles 10X the volume of transactions of all its domestic competitors combined. Toss has also partnered with 18 of Korea’s 19 banks thus extending its reach to 98% of Korea’s banking customers.

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