(Dec 17): South Korean super-app Toss has brought in investors including Singapore sovereign wealth fund GIC Pte Ltd and investment firms Baillie Gifford, Wellington, and WCM, people familiar with the matter said.
The transaction didn’t involve issuing new shares, according to the people, who asked not to be identified because the information isn’t public. The sellers and the size of the investments couldn’t be learned.
“Toss has established itself as a trusted, all-in-one financial platform that is transforming the way millions of South Koreans manage their money,” Tara Sallis, an investment manager for private companies at Baillie Gifford, wrote in an emailed statement in response to a Bloomberg News query.
“We are seeing significant growth potential in private fintech businesses globally, and Toss stands out as a leader with strong prospects for expansion as it builds more products and continues to win new customers,” Sallis said.
Viva Republica Inc, the firm behind Toss, declined to comment, as did GIC. Wellington and WCM didn’t respond to requests for comment.
Viva Republica was founded by dentist-turned-entrepreneur Lee Seung-gun. It is the parent group of Toss Bank, a mobile-only lender, and Toss Securities, which is popular for trading US stocks. The digital financial platform Toss offers services such as insurance, payments, credit scoring and trading.
See also: Grab-backed Super Bank jumps in Jakarta after US$168m IPO
Uploaded by Tham Yek Lee
