Korean Fintech to Challenge Gopay, Grab Dominations

By Editorial Team 28/03/2022
e wallet
Summary

South Korean fintech company Viva Republica plans to raise US$1 billion in funds or around Rp 14.3 trillion in the second quarter of 2022. Citing the Financial Times, the new capital injection will be used for expansion to five countries: Indonesia, Malaysia, Thailand, India, and the Philippines. The funds will also be used to compete with Grab and GoTo in Southeast Asia.

Viva Republica's product is a Toss fintech app. In addition to the South Korean market, Toss first appeared in Southeast Asia when it entered Vietnam in 2019, attracting 3 million active users with an average of 500,000 monthly users. While in its home country, the Toss app has around 11 million active users.

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