Viva Republica Launches Two New Products for Toss, Korea's Leading Mobile Payments App, to Further Disrupt $700 Billion Payments Market
After processing $1B in transactions and securing $23.7M in Series B funding, Viva Republica launches Toss Loans and Toss Finance Dashboard to become one-stop app for customers' financial needs
29 Sep, 2016, 06:15 ET
SEOUL, South Korea, Sept. 29, 2016 /PRNewswire/ -- Viva Republica, developers of the highly engaging and consumer-friendly mobile payments app, Toss, today announced two new products that will further differentiate Toss as one of the world's premier consumer financial applications. After processing $1 Billion in transactions since Toss' introduction just 18 months ago, the Korean-based company is now at a $3 Billion Gross Transaction Volume run rate and has launched Toss Loans, a microloan service conducted through the mobile payments app. It also debuted Toss Finance Dashboard which gives consumers an immediate, comprehensive picture of their financial situation.
"We live in an increasingly mobile world, which requires a new level of flexibility and functionality with respect to how people conduct their financial lives," said Viva Republica CEO, SG Lee. "We strive to give consumers the financial information and the freedom they need. Toss' rapid adoption throughout Korea is testament to the fact that people are more than ready to embrace legitimate mobile solutions that simplify essential day-to-day financial activities. Our two latest products create an even more compelling and streamlined experience."
South Korea is one of the world's strongest and savviest consumer and financial services markets, making it ripe for innovation. But despite having the world's fastest connection speed, 90 percent Internet penetration, and widespread mobile adoption, Korean consumers have long been plagued by inefficient and cumbersome financial experiences. Viva Republica stepped in to change this, introducing the concept of sending money to friends, family, and businesses via a mobile app, and it did so with unprecedented ease. In just three easy steps and under 10 seconds, Toss users could transfer money directly into another person's bank account who could access that money immediately. Additionally, users gained the ability to instantly pay bills and utilities or complete commerce transactions, which was previously unheard of in Korea.
Toss continues to add tens of thousands of users per day, underscoring its value. With more than 4 million customers and $1 billion in transactions processed, Toss has already become a top five payments app in all of Asia in the year and a half since its launch. With its two latest products, Toss makes it even faster and easier for consumers to manage their finances without compromising security.
The Future of Financial Apps
Viva Republica created the new, first-of-its-kind Toss Loans to help consumers receive instant credit for everyday bills, payments, and purchases. Prior to creating Toss Loans, Viva Republica found that 58% of Toss' use cases were already lending and repaying microloans with the app. As a result, Viva Republica saw an opportunity to help consumers with their capital needs in a safe and convenient way.
Toss Loan provides seamless microloans (up to $500) by acting as an intermediary between its users and top financial institutions. By analyzing deposit transaction data, Toss becomes an additional source to measure and validate a user's credit rating. This opens the possibility of securing a microloan to a wider range of consumers who can apply for and receive an answer about their microloan in less than 30 seconds. Once approved, the money becomes immediately available. The Toss app also simplifies loan repayment, making it as easy as sharing a bill with a friend.
The new Toss Finance Dashboard enables users, for the first time, to have a complete picture of their finances through a single app. Previously, consumers had to download and monitor separate apps for each financial institution where they held accounts. Korean consumers have 5.4 bank accounts on average, which is the second most in the world. With Toss Finance Dashboard, users can view comprehensive transaction histories associated with all of their respective financial accounts which can help consumers spot trends in their spending as well as keeps them abreast of their financial status in real-time.
These products are part of Toss' aggressive product development roadmap, which has accelerated with its recent close of $23.7 million in Series B funding, led by Goodwater Capital and Qualcomm Ventures, with participation from existing investors Altos Ventures and KTB Network.
"Toss' user acquisition and retention numbers are phenomenal. Its growth is four times that of any comparable company in the U.S., including Venmo, at this stage in Toss' lifecycle," said Eric Kim, co-founder and managing partner of Goodwater Capital. "One of the reasons for its appeal is the ease of accessing funds. Toss has eliminated the delays which hinder P2P transfer companies in the U.S. With the launch of two new high-demand products and a host of others in development, we believe Toss' popularity will exceed anything we have seen in mobile P2P payments in very short order."
To understand why millions of people across Korea are falling in love with Toss and how they are using it to simplify their financial lives, please visit https://toss.im/
About Viva Republica
Viva Republica created Toss to make financial services fast, easy, and secure through a single mobile app in order to improve the lives of consumers across South Korea. Since launching Toss in 2015, the company has processed more than $1 billion in P2P transactions, giving consumers immediate access to funds and the ability to pay bills in an instant. Viva Republica also facilitates microloans through Toss for millions of consumers across South Korea while providing unparalleled real-time insight into all of their bank accounts. Simple and convenient, Toss is one of the world's fastest growing financial apps. Based in Seoul, Korea, Viva Republica is backed by Goodwater Capital, Qualcomm Ventures, Altos Ventures, and KTB Network.
Contact: Marisa Lam, 1-650-232-7188, [email protected]
SOURCE Viva Republica
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