Viva Republica, a Fintech startup has developed Toss, an easy money transfer solution that removes cumbersome identity or security card requirements.
On the 21st July, Viva Republica revealed that it had secured total $4.2m (US) investment from KTB Network, Altos ventures and IBK. With this investment, Viva Republica plans to step into the e-transactions with services that offer real time transfers and a deposit service for non account holders.
Toss aims to target as much as 30 per cent of the transaction market through easy account to account transfer solution. Just last month, the total amount transferred using Toss was $3.2m which almost a tri fold increase from the previous month.
Lee Seung Gun representative of Viva Republica explained their previous successes with easy mobile deposit solutions would provide a foundation into the transaction market. The strengths of Toss pay include a substantially cheaper commission and will prompt settlement periods. The commission is expected to be about half that of credit cards and settlements to occur within a day.
A key feature of Toss Pay will be the ability to finalise online franchise contracts within an hour without exchange of written paper or completion of guarantee insurances. Anyone can use open API at Toss Pay web page (https://toss.im/pay).
Securing this investment has provided Viva Republica the capital required to register as the business as a multi- electronic finance business. Viva Republica plans to change the registration of Toss, from an electronic pay transfer agency to an electronic prepayment and settlement cost deposit agency.
Related Article List
Korea’s No. 1 Tech Startup Event From beSUCCESS is Open! Join beLAUNCH 2014, May 14-15 2014 in Seoul
Top five healthcare trends from technology startups
KBeauty and Fashion customisation: The next wave in Korean commerce
Viva Republica, providers of P2P Transfer service ‘Toss’, Raises $23 million
Introduction to Top 100 Korean Tech Startups You Should Know: Part 2
