Toss
“Can a P2P money-transfer app become Korea's default financial operating system by vertically integrating bank, broker, insurer, and acquirer under one super-app?”
Founded2014
HQGangnam District, Seoul, South Korea
FoundersLee Seung-gun
Total raisedunknown
Latest roundSeries G, December 2022
Valuation$7B (Dec 2022)
IndustryFintech / Neobank
The story
Founded 2014 as a P2P transfer app, Toss steadily evolved into Korea's leading financial super-app, layering credit scoring, lending brokerage, investing, insurance, and payments. In 2021 it secured an internet-only bank charter (Toss Bank) and launched Toss Securities, becoming a fully vertically integrated fintech rather than a pure aggregator. The strategic question now is whether the super-app model can become Korea's default financial OS while individual subsidiaries (Bank, Securities, Payments, Insurance) operate as licensed first-party financial institutions.
Product timeline
2014
Launched as a peer-to-peer money transfer app by Viva Republica.· pivot
2018
Reached unicorn status after $80M Series led by Kleiner Perkins.· funding
2021
Launched Toss Bank, a licensed internet-only bank in South Korea.· banking
2021
Toss Securities launched, bringing brokerage into the super-app.· investments
2022
Closed $405M Series G at $7B valuation led by Tonic Private Equity.· funding
2024
Launched Car Insurance Comparison Service 2.0 via Toss Insurance.· insurance
2026
Toss Bank tops internet-only banks in medium-low credit lending share (34.5% Q1 new credit loans).· lending
Regulated entities
5
regulatory licences held by Toss
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Toss’s embedded-finance stack
Payments / PSP
Toss Payments (self-operated)Toss Pay (self-operated)Toss Place (self-operated)
Banking / BaaS
in the full report
Card issuing
in the full report
Ledger
in the full report
Lending
in the full report
Open banking
in the full report
Accounting
in the full report
Accounting gap: minor
21 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.