South Korea’s largest fintech startup Toss, is planning to raise about $200 million from investors to bankroll its expansion in online banking and security trading services.
Toss, founded in 2011 and incorporated in 2013, is South Korea’s largest fintech startup with some 10 million monthly active users. It reached its first break-even month in April and is now processing 4.5 trillion won ($3.7 billion) of transactions a month after handling about 9.2% of the country’s online transfers in 2019. The company is planning to start a securities brokerage service in the second half of this year and build an internet bank in July next year, helping it win a bigger slice of the $43 billion financial market in South Korea.