Viva Republica, the South Korea-based owner of money transfer app Toss, has secured $48m in series C funding from investors including payment services and technology provider PayPal, Forbes reported yesterday.
Venture capital firms Goodwater Capital, Bessemer Venture Partners, Altos Ventures and Partech Ventures also participated in the round, according to TechCrunch. The capital was raised at a post-money valuation of more than $250m, Forbes estimates.
Toss has built an online money transfer app that has been downloaded more than 6 million times. It has processed a total of more than $3bn in payments and now averages about $400m a month.
The service aims to be more user friendly than traditional Korean transfer systems by cutting the amount of authentication required while maintaining security. Viva Republica has also added a credit scoring system, financial dashboard and microlending to its features.
The company had closed a $23.7m series B round in September 2016 backed by Qualcomm Ventures, the corporate venturing arm of mobile chipmaker Qualcomm, Goodwater Capital, Altos Ventures and KTB Network.
Venture capital fund Altos had reportedly provided $1m in seed funding in 2014, according to DealStreetAsia.