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
Internet-only Bank
South Korea (FSC) · 2021
Toss Bank
Payment Service Provider (PG)
South Korea
Toss Payments
Securities Broker-Dealer
South Korea (FSC)
Toss Securities
Insurance brokerage
South Korea
Toss Insurance
Electronic Financial Business
South Korea · 2014
Viva Republica, Inc.
The stack
Payments / PSP
Banking / BaaS
Card issuing
Ledger
in-house
Lending
Toss Bank (in-house)Personal credit loansEmergency cash loansLoan comparison marketplace (위탁금융사)Mortgage / 주택담보대출Refinance / 대환대출Credit card brokerage (카드모집서비스)
Open banking
Accounting
Accounting gap: minor