K-tech

14 December 2018 By Robyn Mak Follow @mak_robyn

Payments app Toss is the latest of a handful of local startups to secure a $1 bln-plus valuation, after fundraising led by U.S. investors. A wealthy, tech-savvy market is nurturing a new breed of tech firms that can stand out abroad too. SoftBank and others are taking notice.

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South Korea's Viva Republica, which operates financial services app Toss, said on Dec. 10 that it raised $80 million at a valuation of $1.2 billion. The funding round was led by U.S.-based Kleiner Perkins and Ribbit Fund, and is the first investment in a Korean startup for both. Existing backers including Altos Ventures also participated in the round.

Toss offers users peer-to-peer payments, credit score management, insurance, and wealth management products. Registered users on the app reached more than 10 million, the company said.

Venture capital investments in South Korea hit 2.6 trillion won ($2.3 billion) in the first nine months of 2018. That compares to 2.4 trillion won for all of 2017, according to data from the Korea Venture Capital Association.

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