PayPal backs South Korean P2P app maker Viva Republic

Viva Republic has picked up $48m in Series C round led by Goodwater Capital that also saw participation from PayPal Holdings.

Viva Republic is the parent company of South Korean peer-to-peer payments app Toss and has now raised more than $77m since it was founded in 2013.

The new round also saw participation from Bessemer Venture Partners, Altos Ventures and Partech Ventures.

Toss aims to allow users to send money directly to others through the app and avoid South Korea’s clunky online banking systems.

It claims simple transfers online can require as many as five different passwords and 37 clicks to complete.

Toss counts 6 million users to date and has expanded beyond simple P2P transfers to offer consumers financing features such as lending and credit score monitoring.

Viva Republic will use the capital to further expand around South-East Asia as well as introduce new features to Toss.

Services in its pipeline include overseas transfers, foreign exchange, micros insurance and loan brokerage.

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