Toss eyes expansion in Australia
Viva Republica, operator of mobile financial service Toss, is mulling an Australian subsidiary as part of its global expansion push.
'We are currently considering establishing a subsidiary in Australia,' an official from Viva Republica said, declining to comment on further details.
A local news report suggested the fintech giant has decided to launch in Australia, recognizing the country's well-developed financial infrastructure and flexible regulatory environment. It is likely to launch a similar app to its popular Toss in Australia within this year or next year, according to the report.
Earlier this year, Viva Republica unveiled its ambition to have half of Toss' total user base be outside Korea by 2030.
'Toss will become a financial superapp used by the whole world," Lee Seung-gun, founder and CEO of Viva Republica, said at a press conference celebrating the company's 10th anniversary in February.
While having established a solid presence on Korean soil, Viva Republica has been struggling to expand overseas. After setting up subsidiaries in Vietnam and Singapore, the fintech giant pulled out of the markets, citing limits in business environments.
Viva Republica's push to forage into the Australian market could be a move to establish its global presence in line with its planned US market debut. The fintech operator is gearing up for an initial public offering in the US within this year or early next year. Its stock market valuation is estimated between 10 trillion and 20 trillion won ($7.2 billion-$14.5 billion).
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