The South Korean fintech firm behind P2P money transfer app Toss has raised $40 million in funding from Singapore's GIC and Sequoia China.
Viva Republica said it was the first investment from Singapore's sovereign wealth fund in a South Korean startup. It is also the first investment in a Korean company by Sequoia China, a venture capital firm known for early investments in Apple and Google.
"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," said Glen Sun, partner of Sequoia China, in a statement. We strongly believe that Toss will dominate the Korean market and become a fintech giant."
Toss was launched in 2015 and has since expanded to financial dashboard, credit score management, loans, and insurance plans.
It has 8 million registered users and monthly P2P transactions of $1.4 billion, the company said.
It now received $116 million in investment in total.
Earlier this year, Korean giant Kakao launched an electric bill payment service on its chat app.
PREVIOUS AND RELATED COVERAGE
Ground X, the blockchain subsidiary of Kakao, and Seoul Digital Foundation will co-develop blockchain projects for application in public sector as well as those with social impact.
One of the earliest e-commerce market players in Singapore, Qoo10 is planning a new round of funding as it looks to refocus on the local market, which it says still offers significant growth potential.
Users can now buy and sell Bitcoin instantly through Cash app on iOS and Android.
A more relaxed investing climate would have ushered in desperately needed retail innovation and jobs but these onerous rules have forced ecommerce companies to educate small sellers.
Faster internet speeds and an increased focus on e-commerce could be making it easier for consumers to shop from a mobile device.