Payments service Toss receives investment from Paypal
PayPal joined a $48m Series C funding round for South Korean peer-to-peer money transfer service Viva Republic. The round was led by venture capital firm Goodwater Capital, while Bessemer Venture Partners, Altos Ventures and Partech Ventures also invested in the company. To date, Viva Republic's Toss app has been downloaded more than six million times, and has hosted over $3bn in transfers. Having partnered with 18 of Korea's 19 biggest banks, the firm wants to move beyond P2P payments into consumer loans, micro-insurance and cross-border transfers.
PayPal has joined a $48 million Series C funding round for Viva Republic, the South Korean firm behind a Venmo-like money transfer app.

The round was led by VC Goodwater Capital and joined by Bessemer Venture Partners, Altos Ventures and Partech Ventures, according to TechCrunch.



Viva Republic's Toss app lets Koreans send up to $500 from their phones in three steps: entering the recipient, the amount being transferred and a password.



Launched in early 2015, in just two years Toss has struck deals with 18 of Korea's 19 biggest banks and been downloaded more than six million times, facilitating over $3 billion in transfers.



The firm has recently sought to move beyond P2P payments and into consumer loans, with micro-insurance and cross-border transfers also in the pipeline.