Deals
Digital Wallet Launched by Dentist Is Valued at $1.2 Billion
- Viva Republica aims to become a stock broker as Toss takes off
- The investment is the first in South Korea by Kleiner Perkins
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Viva Republica, operator of the South Korean digital wallet Toss, has raised $80 million from investors including Kleiner Perkins to propel its expansion into new areas such as online stock trading.
Launched as a peer-to-peer payment app in 2015 by former Samsung Group dentist Lee Seung-gun, Toss expanded into a plethora of financial services from credit scoring to insurance and now wants to become a securities broker. Its latest round of funding also involved Ribbit Capital and valued the company at $1.2 billion, the Seoul-based start-up said in a statement.