이 기사는 2021년 12월 22일 07:59 thebell 에 표출된 기사입니다.

Viva Republica, which operates mobile financial app Toss, is planning a new funding round that could value the South Korean fintech unicorn at as much as 20 trillion won ($16.7 billion).

Viva Republica’s Corporate Development team, which is responsible for the company’s finance, has announced its plan to raise funds early next year, industry sources said on Monday. The proceeds from the funding are expected to be used to upgrade its IT infrastructure and secure talent. The company hasn't finalized how much it will raise.

This round is expected to be the fintech firm’s last fundraising before its planned IPO. Market experts expect the company to seek a corporate value of up to 20 trillion won, which means its corporate value has more than doubled in less than a year.

The company raised about 460 billion won in a Series G funding round at a valuation of 8.2 trillion won in June, in which Korea Development Bank, Alkeon Capital Management, Altos Ventures, and Greyhound Capital participated.

“A Series G funding round is generally considered a pre-IPO funding, but Viva Republica decided to carry out one more round of fundraising,” said an industry source. “The upcoming fundraising slated for early next year will be a Series H and pre-IPO funding round.”

Viva Republica’s financial app Toss has quickly risen in popularity since its launch in 2015. The fintech firm also launched Toss Securities in February and Toss Bank in October 2021. It also entered the mobility business by acquiring a 60% stake in VCNC, an operator of ride-hailing service Tada.

Viva Republica is the largest shareholder of Toss Bank with a 34% stake as of the end of last year. It also has Toss Insurance, Toss Securities, Viva Republica Vietnam, Toss Payments & Co, and Toss Payments under its umbrella.

The fintech firm has raised more than 1 trillion won from outside investors through a total of seven rounds of fundraising so far. Its investors include Altos Ventures, Goodwater Capital, Bessemer Venture Partners, Aspex Management, Sequoia Capital China, GIC, Ribbit Capital, and KTB Network. (Reporting by Ha-na Suh)