Latest news with #VivaRepublica
Independent Singapore
5 days ago
- Business
- Independent Singapore
Deal roundup: GIC's Frankfurt moves and Toss IPO ambitions
SINGAPORE: Singapore's sovereign fund GIC is exploring complicated international investment strategies, with new developments in European real estate and Asian financial technology sectors. In Frankfurt's tough commercial real estate market, GIC is reportedly re-evaluating its portfolio, with ongoing speculation about possible asset sales. Previous talks for the Triton-Haus property in October 2022 did not lead to a deal, highlighting the intricate investment environment in Europe's commercial property sector. At the same time, GIC's investment portfolio is diversifying significantly. It has a notable stake in Toss, the South Korean fintech platform that is preparing for a major US initial public offering (IPO) in the second quarter of 2026. Toss, run by Viva Republica, aims to reach a valuation between US$10 billion and US$15 billion, potentially raising US$2 billion to US$3 billion. The company, which counts GIC among its main investors, has shown strong growth with 24 million monthly active users and an annual revenue of 1.96 trillion won in 2025. The Frankfurt real estate market has unique challenges, as ageing commercial assets need significant ESG upgrades and are under pressure from changing market conditions. With plans to have 50% of its users outside of South Korea in five years, Toss, on the other hand, is a rapidly expanding digital platform that is focused on international expansion. It appears that GIC's investment strategy combines cutting-edge technological platforms with conventional assets like real estate, demonstrating a clever approach to international investment diversification. The Toss IPO could become the largest US listing by a South Korean company since Coupang's US$4.6 billion offering in 2021. This highlights the strategic importance of international capital markets for Asian tech companies. As discussions on Frankfurt real estate and preparations for the Toss IPO progress, GIC continues to demonstrate its savvy, navigating uncertain markets as one of the largest global asset managers. () => { const trigger = if ('IntersectionObserver' in window && trigger) { const observer = new IntersectionObserver((entries, observer) => { => { if ( { lazyLoader(); // You should define lazyLoader() elsewhere or inline here // Run once } }); }, { rootMargin: '800px', threshold: 0.1 }); } else { // Fallback setTimeout(lazyLoader, 3000); } });
Reuters
5 days ago
- Business
- Reuters
South Korean finance app Toss plans 2026 US listing with over $10 billion valuation, sources say
HONG KONG/SEOUL, July 24 (Reuters) - Toss, a popular South Korean app that provides banking and a host of other financial services, aims to list in the U.S. in the second quarter of 2026 with a valuation of more than $10 billion, said two people with knowledge of the plans. Assuming market conditions are favourable, the valuation could exceed $15 billion, said one of the people, adding that the offering might raise $2 billion to $3 billion. If it does raise that much, it would be the biggest U.S. IPO by a South Korean company since e-commerce firm Coupang (CPNG.N), opens new tab raised $4.6 billion in 2021. Toss, operated and owned by startup Viva Republica, had more than 24 million monthly active users as of December, just under half of South Korea's population. It also had more than 100,000 business customers. In addition to banking, Toss also offers payments, insurance, stock trading and tax reporting services. According to one source, it plans to use the IPO proceeds to expand globally. At the moment, its services are predominantly used by South Koreans but Toss said in March that it wants to become a global service and have international users account for half of its total users within the next five years. Toss asked investment banks to submit their proposals to work on the IPO late last year and plans to issue mandates in the coming weeks, said two separate sources with knowledge of the matter. All sources declined to be identified as the information was confidential. Toss declined to comment. U.S. listings for South Korean companies are relatively rare with only a handful in the last five years. Toss is keen on a U.S. listing because of access to a much larger investor base familiar with tech companies, said one of the sources. All of South Korea's IPOs this year have been domestic, with a combined $2.2 billion raised, an increase of 4% over the same period last year, Dealogic data showed. Toss reported annual revenue of 1.96 trillion won ($1.4 billion) last year and operating profit of 90.7 billion won - its first-ever operating profit. As of last year, Toss raised more than 1.6 trillion won in funding from domestic and global investors. They include Altos Ventures, Goodwater Capital, Singapore's sovereign investor GIC, the state-run Korea Development Bank and Chinese venture firm HSG, formerly Sequoia Capital China. ($1 = 1,366.1200 won)
Business Times
5 days ago
- Business
- Business Times
GIC-backed South Korean finance app Toss plans 2026 US listing with over US$10 billion valuation: sources
[HONG KONG/SEOUL] Toss, a popular South Korean app that provides banking and a host of other financial services, aims to list in the US in the second quarter of 2026 with a valuation of more than US$10 billion, said two people with knowledge of the plans. Assuming market conditions are favourable, the valuation could exceed US$15 billion, said one of the people, adding that the offering might raise US$2 billion to US$3 billion. If it does raise that much, it would be the biggest US IPO by a South Korean company since e-commerce firm Coupang raised US$4.6 billion in 2021. Toss, operated and owned by startup Viva Republica, had more than 24 million monthly active users as of December, just under half of South Korea's population. It also had more than 100,000 business customers. In addition to banking, Toss also offers payments, insurance, stock trading and tax reporting services. According to one source, it plans to use the IPO proceeds to expand globally. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up At the moment, its services are predominantly used by South Koreans but Toss said in March that it wants to become a global service and have international users account for half of its total users within the next five years. Toss asked investment banks to submit their proposals to work on the IPO late last year and plans to issue mandates in the coming weeks, said two separate sources with knowledge of the matter. All sources declined to be identified as the information was confidential. Toss declined to comment. US listings for South Korean companies are relatively rare with only a handful in the last five years. Toss is keen on a US listing because of access to a much larger investor base familiar with tech companies, said one of the sources. All of South Korea's IPOs this year have been domestic, with a combined US$2.2 billion raised, an increase of 4 per cent over the same period last year, Dealogic data showed. Toss reported annual revenue of 1.96 trillion won (S$1.9 billion) last year and operating profit of 90.7 billion won – its first-ever operating profit. As of last year, Toss raised more than 1.6 trillion won in funding from domestic and global investors. They include Altos Ventures, Goodwater Capital, Singapore's sovereign investor GIC, the state-run Korea Development Bank and Chinese venture firm HSG, formerly Sequoia Capital China. REUTERS
Korea Herald
15-07-2025
- Business
- Korea Herald
Toss Pay rides travel surge with fourfold overseas growth
Viva Republica, operator of mobile financial platform Toss, announced Tuesday that overseas transaction value via Toss Pay surged by four times in the first half of 2025 compared to the same period last year. Available in 55 countries worldwide, Toss Pay helps users make payments by simply scanning a QR or barcode, without the need for separate currency exchange. Transactions are instantly converted into local currency from users' linked accounts, and users can both use and earn Toss Points when paying abroad. Many travelers have used the app, with China, Japan, Thailand, Hong Kong and Malaysia now the top five countries overseas where it is being used. The company attributed the surge to the growing use of its integrated 'Overseas Travel Home' feature within the Toss app. This platform bundles essential travel services such as currency exchange, travel insurance and airport departure support in one place. One of the newest additions is the 'Incheon Airport' tab, introduced earlier this year, which allows users to check in real time terminal congestion, airport parking and boarding gate schedules. Toss also introduced a 'Smart Pass' feature in December, enabling travelers to pass through departure and boarding gates using facial recognition, without having to present a passport or boarding pass. Users can preregister their e-passport, face scan and ticket directly in the app. 'This sharp growth reflects the seamless integration of travel services into our app,' a Toss official said. 'We'll continue enhancing the user experience so that preparing and enjoying overseas trips with Toss becomes second nature.'
Korea Herald
01-07-2025
- Business
- Korea Herald
Toss sees 30% surge in foreign users in H1
Viva Republica, operator of mobile financial platform Toss, said its cumulative number of foreign users reached 460,000 as of the first half of this year, a 30 percent increase from 360,000 in the same period last year. The platform's foreign users now comprise only those residing in Korea, with Toss customers spanning 178 nationalities, including from the US, China and Vietnam. Vietnamese users recorded the highest growth rate among foreign user groups, surging 85 percent year-on-year, driven largely by positive word-of-mouth within Vietnamese expatriate communities. The company attributed the overall growth to initiatives aimed at improving accessibility for non-Korean users, such as more user-friendly identity verification processes, expanded English-language services and broader access to key financial features. Toss now offers foreign users the same widely available services to Korean users, including money transfers, check cards, MyData, Toss Pay, hospital bill reimbursements and app-based reward features. Following five months of beta testing that began in January, the company officially rolled out full English language support covering over 100 services across its app. 'We plan to expand multilingual support further in the third quarter to strengthen its position as a foreign financial platform,' said a Toss official.
