The startup’s financial service app Toss has over 8 million registered users to date

Singapore sovereign wealth fund GIC and Sequoia China have made a joint US$40 million investment into South Korean fintech startup Viva Republica, the developer the financial services app Toss, giving it a war chest of US$116 million.

This is GIC’s first investment in a Korean startup. The company will use the newly-raised funding to fund its growth and ramp up product development.

“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,” said SG Lee, co-founder and CEO of Viva Republica, in a press statement.

The Toss app started out as a p2p money transfer platform in 2015. Since then, it has expanded to encompass all facets of financial services. Toss has a financial dashboard, credit score management, customized loan/insurance plans, as well as multiple investment services.

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Viva claims that Toss has over 8 million registered users, and has a transaction volume of US$10 billion monthly.

“In Toss, we see all the signs of a successful company that we’ve witnessed in our portfolio – companies that have grown to become Asia’s leading unicorns. We strongly believe that Toss will dominate the Korean market and become a fintech giant,” said Glen Sun, Partner of Sequoia China.

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