Viva Republica, an operator of South Korean finance super app Toss, has finalized a $405 million Series G funding and it says it is now valued at 9.1 trillion won ( $7 billion), up from 8.5 trillion won in June 2021, when it raised $410 million in pre-Series G funding at a $7.4 billion (8.5 trillion won) valuation. (South Korea’s currency has depreciated against the dollar this year.)
The company’s recent funding caught our attention, including that it signals the company is doing comparatively well amid a gloomy macroeconomic outlook. Indeed, unlike global fintech companies, including Klarna, Stripe, and Checkout.com, which have seen their valuations cut fairly dramatically in 2022, Viva Republica boosted its valuation again.
Viva Republica was also on a bit of a hiring spree in October, in stark contrast to many global tech companies, including fintech startups, that have been conducting major layoffs this year. The Seoul-based company had about 1,900 employees as of August.
Fintech-focused investor Tonic Private Equity led the Series G round along with returning backers, including Korea Development Bank (KDB), Altos Ventures, Goodwater Capital, Greyhound Capital, Aspex Management, Bond Capital, and DUMAC. Korea Investment …
