GIC, Sequoia China invest US$40m in South Korea's Toss app maker

Singapore sovereign wealth fund GIC and venture investor Sequoia China have pumped in US$40 million to Viva Republica.
Singapore sovereign wealth fund GIC and venture investor Sequoia China have pumped in US$40 million to Viva Republica.PHOTO: REUTERS

SINGAPORE - In its first investment in a South Korean start-up, Singapore sovereign wealth fund GIC and venture investor Sequoia China have pumped in US$40 million (S$54.05 million) in Viva Republica, the maker of money transfer app Toss.

The deal brings Viva Republica's total funding raised to US$116 million.

Toss allows users to perform peer-to-peer money transfers, manage their credit scores, obtain loans and insurance plans and other investment services.

It has more than eight million registered users, almost double year-ago levels. It boasts US$10 billion of trackable transaction volumes per month.

"This bridge round is a strategic investment which will enable us to explore major opportunities such as investments and acquisitions to become the go-to service for all consumer financial needs while providing superb user experience," SG Lee, co-founder and CEO of Viva Republica, said in a statement.