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South Korean fintech startup Toss closes second funding round at $64 mn

South Korean fintech startup Toss raises funding

The funding was led by Aspex Management, a Hong Kong based equity investor

South Korean fintech startup Toss, a Seoul-based financial platform created by South Korea’s Viva Republica, has raised $64 million in a fresh funding, led by Aspex Management, a Hong Kong based equity investor.

Viva Republica, is backed by PayPal, the American online payments company.

A previous round of funding had taken place in December, which saw the participation of Korean investors, Kleiner Perkins, Altos Ventures, Singapore’s GIC, Sequoia Capital China, Goodwater Capital, and Bessemer Venture Partners. Viva Republica had raised $80 million in the funding back then.

Viva Republica reports that the total amount the South Korean fintech startup Toss has received adds up to $250 million and the firm is now valued at $2.2 billion. The investors who took part in the December funding round had also taken part in the fresh funding alongside Aspex Management.

Toss was launched in 2015 by Viva Republica, a Korean fintech platform created in 2013. The platform provides various financial services including banking, money transfer, and credit score management.

Toss has become a popular fintech startup in South Korea, having been downloaded more than 30 million times with over 13 million registered users.

SG Lee, CEO of Viva Republica said, “We are truly pleased that Toss has gained further momentum to embark upon the next phase of its journey.”

The lead investor in the funding round, Aspex Management is a firm that’s keen on funding financial platforms as it believes that financial services platforms have a large addressable market in Southeast Asia.

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