South Korean financial services startup Viva Republica reports that Toss, its locally developed P2P money transfer app, has racked up $12 billion in transactions in 2017.
The startup also revealed that as of November 2017 the company was processing over $1 billion per month in P2P payments via Toss. To date over 12 million Koreans have downloaded the app.
Toss offers users about 10 complimentary financial services in addition to money transfers. These include interest-bearing savings account and debit card opening services, investment products, customized loan/insurance recommendation products.
While services like money transfer are free, a solid product portfolio of revenue generating services mean that Viva Republica is expected to generate around $20 million in revenue in 2017.
“We are very excited by Toss’ growth. Reaching $1 billion in monthly transaction volume within just a couple years is an impressive milestone and reinforces that Toss is redefining the way consumers experience and access financial services. We look forward to seeing Toss continue on its path towards becoming a category leader.” commented Talia Goldberg, VP of Visa Republica parent Bessemer Venture Partners.
From inception Viva Republica has focused on the South Korean market. The company has indicated, however, that it plans to go international with Southeast Asia as its target market by end of 2018.