The amount was raised by Viva Republica, Toss' South Korea-based parent company. Toss is a P2P money transfer platform
The amount will be used to expand Toss' product offerings and market share.
The investors in the Series A were Goodwater Capital and Altos Ventures.
According to Korean tech startup media beSUCCESS, Toss has facilitated KRW 100 billion worth in transactions as of January 2016, and another KRW 100 billion in March 2016 alone. To date, it claims to have facilitated a total of KRW 300 billion in transactions. An article published by the Korea Herald dated November 2014 noted that Toss uses anti-hacking software produced by US-based company Arxan Technologies, which costs KRW 200 million a year. Currently, the company does not charge users any fees to transfer money.
