PayPal invests in South Korean P2P payments app Toss

PayPal invests in South Korean P2P payments app Toss

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.

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