South Korea's Toss Raises $40m From GIC, Sequoia China

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.

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