Viva Republica head Lee Seung-gun plans taking his finance superapp Toss to its subsequent stage with push in Southeast Asia and a blockbuster funding spherical within the works\u2014and that\u2019s only the start.<\/p>\n
It\u2019s been seven years since Lee Seung-gun turbocharged South Korea\u2019s cellular funds business together with his money-transfer app, Toss, which he then beefed up right into a monetary companies superapp.<\/p>\n
The previous dentist is searching for a bit of Asia\u2019s fast-growing fintech market, setting the stage for bold plans to go international. \u201cWe have banking, securities and all that in a single app, which is giving [investors] extra confidence that Toss would possibly develop into the primary participant in your entire fintech business,\u201d says Lee, founder and CEO of Viva Republica, the app\u2019s operator, in an interview.<\/p>\n
To pull it off, Lee is making ready a brand new funding spherical at a valuation of over $10 billion within the second quarter. \u201cAlready, a variety of buyers try to succeed in out to us,\u201d he says.<\/p>\n
This potential elevate is on high of $940 million in complete funds obtained since 2014 from buyers together with PayPal, Sequoia Capital China and Singapore sovereign wealth fund GIC.<\/p>\n
The bulk got here final June when Viva Republica raised $410 million at a valuation of $7.4 billion, making it the highest-valued startup in South Korea, in line with researcher CB Insights, and Lee, a billionaire. He debuts on this 12 months\u2019s Korea Rich List at No. 36 with a internet value of $1.2 billion.<\/p>\n