Toss

What Toss does

Toss, operated by Viva Republica Inc., is a Korean mobile-first fintech super-app founded in 2015 by Lee Seung-gun that aggregates money transfers, banking, brokerage, insurance, payments, credit scoring, tax filing, shopping, and POS merchant services into a single consumer interface serving over 30 million Korean users (over half the country's population, with average monthly usage of ~1 hour 58 minutes). The platform is delivered through an integrated group of more than eight regulated subsidiaries: Toss Bank (internet-only bank, KRW 96.8B net profit in 2025, up 112% YoY, assets grown from KRW 3.491T to KRW 7.2035T), Toss Securities (Q1 2026 operating revenue KRW 340.5B, KRW 133T overseas trading volume, KRW 449.4B prior-year custody commissions, US FINRA-licensed via TSA Financial), Toss Payments (becoming wholly-owned via June 2026 share swap), Toss Insurance, Toss Place (POS/merchant), Toss Income (tax filing, 13M members), Toss CX (customer service), Toss Shopping (open marketplace, 24.8M monthly visitors), Toss Mobile (MVNO), Toss Authentication (digital certificate used by 2,000+ institutions), Toss Insights (research), Toss Impact (ESG), and Toss Ads. Core technology stack includes FacePay facial-recognition payment (one-second liveness authentication, deployed in 240,000+ merchants with 4.8M users), a zero-trust security architecture with 24/7 automated threat detection (Toss Income ISMS-P certified June 2026), SohoScore proprietary credit scoring, an AI-based fraud detection system (FDS) with real-time transaction monitoring demonstrated to the Philippine central bank and World Bank, App-in-Toss mini-app developer platform with SDKs and console, and a planned won-backed stablecoin plus Layer 1/Layer 2 blockchain mainnet (Money 3.0 blueprint announced March 2026) with 24 stablecoin trademarks filed and Toss Bank filing 54 USD stablecoin trademarks.

Toss monetizes primarily through merchant transaction fees (Toss Pay / Toss Checkout tiered 0.8%-3.0% by merchant size and online/offline channel), securities brokerage commissions (with periodic domestic fee waivers such as Q1 2026 generating only KRW 38M from commissions despite a 608% YoY volume surge), Toss Bank net interest income and fee services, Toss Shopping marketplace commissions (merchants report 30%+ monthly GMV growth), float/investment income on KRW 207.56B in prepaid balances (Toss Money, Toss Pay Money, Toss Points) held in trust at Hana Bank and Woori Bank, advertising (Toss Ads, Toss Prime), cross-border remittance and FX spread (NAPAS/VietQR integration in Vietnam, MOIN for 28M users, US broker-dealer), insurance brokerage commissions, and future stablecoin issuance/distribution and crypto exchange fees. Consumers use the super-app free of charge, with lifetime free money transfers, free credit score checks (KCB and NICE), and free Toss Authentication. Go-to-market is product-led growth targeting Korean retail consumers, small merchants, and underbanked borrowers, with a renewed overseas push into Singapore (Toss Global, May 2025) and Australia (Toss Australia beta launched October 23, 2025) following a failed 2019 Vietnam launch.

FY2025 consolidated revenue reached 2.7 trillion won (~$2.0B), up 38% YoY, following FY2024 revenue of 1.96 trillion won (first profitable year, 90.7B won net profit). Total disclosed equity funding exceeds $1.3B across rounds from Altos Ventures, Kleiner Perkins, Bessemer, Ribbit, Goodwater, GIC, PayPal, Qualcomm Ventures, Alkeon Capital, HSG, and others. A December 2025 secondary share sale brought in Baillie Gifford, GIC, Wellington, and WCM, and a January 2026 share swap with Ant Group valued Viva Republica at 20.5 trillion won (~$15B). Toss is targeting a US IPO on Nasdaq or NYSE in 2026 at a valuation above $10B, and is pursuing stablecoin issuance/distribution, EDX Markets acquisition (US institutional crypto exchange), and AI-integrated blockchain services under the Money 3.0 vision.

Name

Toss

Legal name

Viva Republica Inc. (주식회사 비바리퍼블리카)

Website

https://toss.im

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Toss, operated by Viva Republica Inc., is a Korean mobile fintech super-app serving 30 million+ users with integrated banking, brokerage, payments, insurance, tax filing, and merchant services across 8+ licensed subsidiaries.

Ownership category

akta.pro rank

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Toss Pay merchant transaction fees: Toss charges merchants a percentage commission on each payment transaction processed via Toss Pay or Toss Checkout. Online merchant rates range from 1.60% (영세, micro) to 3.00% (general), tiered by annual revenue (e.g., 일반 over KRW 3 billion). Offline merchant rates for Toss Money range from 0.8% (영세) to 1.8% (general), tiered by annual revenue. Card transactions follow merchant-card company rates; Toss only performs member authentication.
2. Toss Securities brokerage commissions: Toss Securities earns commissions on domestic and overseas stock trading. Q1 2026 operating revenue reached a record KRW 340.5 billion ($227M), more than doubling YoY. Overseas securities trading reached KRW 133 trillion with brokerage commission income of KRW 124.4 billion (up 43% YoY). Custody commission revenue of KRW 449.4 billion was generated in the prior year.
3. Toss Bank net interest income and fee services: Toss Bank is an internet-only bank that reported net profit of KRW 96.8 billion in 2025 (up 112% YoY). The bank offers deposits, loans, personal loans, and joint products with regional banks (e.g., Kwangju Bank under JB Financial Group, BNK Busan Bank, Daol Savings Bank). Toss Bank assets grew from KRW 3.491 trillion (end-2024) to KRW 7.2035 trillion (end-2025).
4. Stablecoin issuance and distribution (planned): Toss announced at the 2026 Seoul Blockchain Meetup Conference (March 12, 2026) that it intends to pursue both stablecoin issuance and distribution. KB Kookmin Bank would handle issuance while Toss manages distribution. Toss has filed 24 stablecoin trademarks and is exploring a consortium model with a DApp store ecosystem.
5. Toss Shopping marketplace commissions: Toss Shopping operates as an open marketplace integrated into the app. Toss earns commissions from sales by merchants, who report significant revenue growth (e.g., 30%+ monthly, or 600 million won monthly within 5 months). Toss Shopping was visited by 24.8 million users per month as of April 2026.
6. Toss Place (POS) and merchant fees: Toss Place provides point-of-sale devices and offline payment terminal infrastructure for small merchants. Toss supports merchants through its business platform with AI-driven analytics, sales reporting (Financial Dashboard), and Toss Checkout / Toss Payments solutions. FacePay biometric payment expansion targets 1 million stores by 2026.
7. Toss Insurance brokerage and consulting: Toss Insurance is operated via Toss's insurance subsidiary and offers comparison, expert consultation, and medical bill reimbursement services. Toss prioritizes customer satisfaction over aggressive sales volume.
8. Advertising and Toss Prime rewards: Toss Prime rewards users with extra benefits on payment transactions. Toss also offers advertising slots to merchants and partners via Toss Ads (Toss애즈) and in-app promotional placements. Toss Shopping sellers report reduced advertising costs relative to other channels.
9. Cross-border remittance and foreign exchange: Toss earns FX spread and service fees on cross-border remittance (e.g., MOIN integration for 28M users; waived fees for foreign residents in 2025). Toss supports overseas stock trading (e.g., US broker-dealer license via TSA Financial) and cross-border QR payments through GLN/Hana Bank in Vietnam. Toss Income offers tax filing and refund services.
10. Prepaid stored value float (토스머니, 토스포인트) and trust management: Toss issues Toss Money (유상 선불전자지급수단), Toss Pay Money (토스페이머니), and Toss Points (무상). Prepaid funds are held in trust (특정금전신탁) at Hana Bank and Woori Bank, with the balance of KRW 207.56 billion managed as of March 31, 2026. Toss earns float/investment income on these balances.
11. Toss Income tax-refund and tax filing services: Toss Income (a subsidiary) provides tax filing and refund assistance services, with 13 million members as of end-2025. Revenue model includes service fees and B2C convenience upsell on related financial products.
12. Toss Crypto (planned) and blockchain infrastructure: Toss established a dedicated blockchain division and is exploring acquisition of overseas crypto exchanges (e.g., EDX Markets). A Web3 wallet will be embedded in the mobile app, and Toss is exploring a won-backed stablecoin plus Layer 1 or Layer 2 mainnet. Potential revenue from custody, wallets, settlement, and exchange fees.

Pricing tiers

Go-to-market motion1 record

Core offering

Toss is a mobile financial super-app operated by Viva Republica Inc. that consolidates free lifetime money transfers, banking (Toss Bank), securities brokerage (Toss Securities), insurance, payments (Toss Pay/Toss Checkout), POS (Toss Place), tax filing (Toss Income), credit scoring, identity verification (Toss Authentication), shopping (Toss Shopping), and lifestyle services into a single consumer app used by over 30 million Korean users. The platform monetizes through merchant transaction fees, brokerage commissions, banking interest income, marketplace commissions, insurance brokerage, and advertising, while serving merchants via Toss Place POS hardware and Toss Payments gateway.

Product overview

Toss is a single financial super-app that integrates a broad portfolio of financial services and subsidiary products under one platform operated by Viva Republica Inc. The main Toss app serves as the unified consumer interface, while specialized services are delivered through integrated sub-products and dedicated affiliates: Toss Bank provides internet-only banking; Toss Securities handles stock and overseas trading; Toss Insurance sells insurance products; Toss Income (토스인컴) handles tax filing and refunds; Toss Place (토스플레이스) provides offline POS and merchant solutions; Toss Payments (토스페이먼츠) operates as the payment gateway; Toss CX runs 24/7 customer service; Toss Shopping (토스쇼핑) runs an open marketplace for sellers; Toss Pay (토스페이) and Toss Checkout enable simple online payments; Toss Card Lounge aggregates card benefits; Toss Teens (토스 유스카드) issues teen cards; Toss Authentication (토스인증서) provides digital certificates; and App in Toss (앱인토스) is the developer platform for embedding third-party mini-apps inside the super-app. Toss FacePay adds biometric payment, while Toss Insights, Toss Impact, Toss Mobile, and Toss Ads round out the portfolio. This platform-plus-modules architecture lets Toss aggregate bank accounts, cards, investments, insurance, crypto/stablecoins, and lifestyle services into one consumer-facing app with over 30 million users.

Differentiator

Problem solved

Functional benefit

Brands

• Toss Bank: Internet-only bank offering deposits, loans and payment services. Designated Korea's 1st NextGen Tech 30 firm.
• Toss Securities (토스증권)

Products and services

• Toss (Main Super-App) The flagship Toss mobile financial super-app operated by Viva Republica Inc., serving as the central consumer interface aggregating free money transfers, banking, credit score management (KCB/NICE), loans, investments, insurance, taxes, payments, and lifestyle services into one app. Reaches over 30 million Korean users with average monthly usage of approximately 1 hour 58 minutes.
• Toss Bank (토스뱅크) Internet-only bank offering deposits, loans, personal loans, and joint products with regional banks (Kwangju Bank, BNK Busan Bank, Daol Savings Bank). Reported KRW 96.8 billion net profit in 2025 (up 112% YoY). Toss Bank assets grew from KRW 3.491 trillion (end-2024) to KRW 7.2035 trillion (end-2025). Designed for office workers, small merchants, and low-credit borrowers.
• Toss Securities (토스증권)

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability12 records

Feature9 records

Recent moves10 records

Expansion highlights8 records

Direct peers

• Kakao Pay: Kakao Pay is Korea's other major mobile payment and financial services super-app, spun out of KakaoTalk. It directly competes with Toss across payments, lending, securities, and insurance within the same Korean market, and serves as the closest domestic comparable for Toss's super-app and merchant-fee model.
• KakaoBank: KakaoBank is Korea's leading internet-only bank and the most direct comparable to Toss Bank. Both target underbanked and mobile-first Korean retail customers with low-fee, app-based banking, deposit/loan products, and integration with a larger super-app ecosystem (KakaoTalk vs. Toss).
• Kakao Securities: Kakao Securities is the in-app brokerage subsidiary of Kakao and the closest peer to Toss Securities. Both compete for Korean retail investors, offer fractional and overseas stock trading, and are embedded in a super-app ecosystem with payment and banking cross-sell.
• Naver Financial: Naver Financial operates Naver Pay and is building a Korean fintech super-app stack including payments, securities, and insurance anchored on the Naver portal. It competes head-to-head with Toss for Korean merchant relationships and consumer wallet share.
• LINE Pay: LINE Pay is the mobile payment arm of LY Corporation, deeply integrated into the LINE messenger super-app across Japan, Taiwan, and Thailand. It is comparable to Toss Pay/Toss Checkout as a messenger-anchored mobile payment and QR network with cross-border ambitions.

Broad incumbents

• Nubank: Nubank is Latin America's largest digital bank and a successful public-market analog for a mobile-first financial super-app serving tens of millions of underbanked consumers. It is highly comparable to Toss Bank's mission of moving finance from supplier-centric to user-centric and to Toss's broader super-app economics.
• Revolut: Revolut is a global consumer fintech super-app offering accounts, payments, FX, trading, and insurance in one app across 30+ markets. Toss's multi-product super-app strategy, FX/remittance revenue, and overseas expansion (Australia, Singapore, US) closely parallel Revolut's trajectory and revenue model.
• WeChat Pay: WeChat Pay operates inside Tencent's WeChat super-app with mini-programs, QR payments, and embedded financial services. Toss's App-in-Toss mini-app platform and one-app ecosystem explicitly mirror the WeChat model, making WeChat Pay a broad strategic reference peer.
• Cash App (Block): Cash App is Block's consumer super-app combining P2P payments, banking, stock and bitcoin trading, and a developer platform (Lightning). Toss shares the consumer-first, free-P2P, embedded brokerage, and planned stablecoin/crypto positioning, making Cash App a relevant public-market comparable.
• Alipay: Alipay is the global benchmark super-app for payments, wealth, credit, insurance, and lifestyle services, and Ant Group's flagship. As Toss's new strategic shareholder (Jan 2026 share swap) and explicit Money 3.0 role model, Alipay sets the global template for the super-app, cross-border QR, and digital-finance playbook Toss is pursuing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/toss_service
• YouTubeyoutu.be/bxYh4ou3-ls
• Facebookfacebook.com/toss.revolution
• LinkedInlinkedin.com/company/viva-republica-inc
• Instagraminstagram.com/toss.im

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries1 record

Funding overview

Funding rounds14 records

Investors36 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toss