Korean fintech platform Toss operator nears getting new ammunition for banking growth
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Morgan Stanley and Credit Suisse are currently arranging 600 billion won ($460 million) to 700 billion won for the fintech company, according to investment bank sources on Thursday. The fundraising is expected to be completed within the month at the earliest.
With the addition, Viva Republica would have secured 900 billion won in just two months from private equity firms in Korea.
Premier Partners, Corstone Asia-Korea Investment & Securities, and Tonic Private Equity are said to be candidates who would provide up to 80 percent of the new fund.
Viva Republica’s enterprise worth has been valued at 8.5 trillion won at the latest fundraising round, up by 300 billion won from its previous round in June 2021. Still, the funding would be meaningful as it comes when private equity capital has turned passive in rising interest period and economic uncertainties, sources said.
The new funding would likely go to bolstering fledgling mobile financial services Toss Bank and Toss Securities.
The investment bank sector projects Viva Republica to attempt IPO in 2025.
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