# Toss

> Source: https://docs.barcoder.ai/docs/wallets/toss
> research date 2026-05-29 · extracted at 2026-10-03
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [Toss — official](https://toss.im/)

## Overview

**Toss** is **South Korea's leading standalone fintech super-app**, operated by **Viva Republica** (비바리퍼블리카) — founded **2015 by Lee Seung-gun** (former dentist) <sup>[1][1], [2][2], [Korea, Republic of report](https://docs.barcoder.ai/docs/payments/KR)</sup>. Toss reached **~30 million registered users (~60% of South Korea's entire population)** + **25 million monthly active users**, with **over half visiting the app 10+ times daily**. Toss has **~90% adoption rate among South Koreans in their twenties** — generational dominance. Together with **[KakaoPay](https://docs.barcoder.ai/docs/wallets/kakaopay) + [Naver Pay](https://docs.barcoder.ai/docs/wallets/naver-pay)**, Toss forms Korea's three-way super-app payment landscape with **daily wallet transactions reaching 29.71 million in H1 2024**.

**Strategic 2025-2026**: Toss filed for **US IPO planned for 2026** targeting **$15 billion valuation + $2.5 billion raise** — listed on NASDAQ or NYSE H2 2026 / early 2027.

## History

**February 2015 — Toss launches** <sup>[2][2]</sup>: Lee Seung-gun's first product, simple P2P transfers.

**2017-2020 — Multi-product expansion** <sup>[1][1]</sup>: Insurance, securities, lending added — super-app build-out.

**2021 — Toss Bank launches (Korea's third internet-only bank)** <sup>[2][2]</sup>: Full retail bank under separate license.

**2022 — Viva Republica $7B valuation funding round** <sup>[2][2]</sup>: Major milestone.

**Late 2024 — Drops Korean IPO plan, seeks US debut** <sup>[4][4]</sup>: Pivot from KOSPI to NASDAQ/NYSE.

**July 2025 — Confirmed US IPO plans for 2026** <sup>[5][5]</sup>: Targeting $15B valuation + $2.5B raise.

**2025 — Continued super-app growth** <sup>[1][1]</sup>: 30M registered users, 25M MAU.

## Ownership & operator

**Operating entity**: **Viva Republica Inc.** (비바리퍼블리카) — South Korean limited company.

**Founder + CEO**: **Lee Seung-gun (이승건)** — former dentist who pivoted into fintech entrepreneurship; billionaire ($1B+ fortune).

**Major investors**: Altos Ventures, Goodwater Capital, HongShan Capital (formerly Sequoia China), PayPal, GIC (Singapore sovereign wealth), Korea Development Bank.

**Subsidiaries**:
- **Toss Bank** — Korean third internet-only bank (full banking license).
- **Toss Securities** — securities brokerage.
- **Toss Insurance** — insurance distribution.
- **Toss Payments** — payment-services subsidiary.

**Regulator**: **Financial Services Commission (FSC)** — Electronic Financial Business license (Viva Republica) + banking license (Toss Bank); **Financial Supervisory Service (FSS)** for ongoing supervision; **Bank of Korea (BOK)** for payment-system oversight.

**Valuation**: $7+ billion (2022 funding); $15B IPO target (2026).

## Technical integration

Toss is **standalone Korean fintech super-app + internet-only bank** <sup>[1][1], [2][2]</sup>:

| Layer | Description |
|---|---|
| **Channel** | Toss app (iOS + Android) — standalone, not embedded in messenger |
| **Identifiers** | Phone number + Korean resident registration number + linked bank/card |
| **Korean rails** | Korean interbank transfer + Toss Bank settlement |
| **Authentication** | Korean PASS authentication + biometric on device |
| **Sub-products** | Toss Bank (full retail bank), Toss Securities (brokerage), Toss Insurance, Toss Payments (B2B) |

## Users & growth

**South Korea (2025)** <sup>[1][1]</sup>:
- **Total registered users**: ~30 million (~60% of South Korean population)
- **Monthly active users**: 25 million
- **Daily-engagement pattern**: Over half of MAU visit app 10+ times daily
- **Demographic dominance**: ~90% of Koreans in their twenties use Toss

**Korean super-app landscape (H1 2024)**:
- Toss + Kakao Pay + Naver Pay daily wallet transactions: 29.71 million.

**Financial (2022-2026 trajectory)**:
- **2022 valuation**: $7 billion
- **2026 IPO target**: $15 billion valuation + $2.5 billion raise (US listing)

## Use cases

**P2P transfers** <sup>[1][1]</sup>: Cardinal — Toss's original product was simple P2P.

**Toss Bank deposits + savings + credit** <sup>[2][2]</sup>: Full retail banking via Toss Bank subsidiary.

**Securities trading (Toss Securities)** <sup>[1][1]</sup>: Korean + US stock trading.

**Insurance distribution (Toss Insurance)** <sup>[1][1]</sup>: Multi-insurance products.

**Personal credit + lending** <sup>[1][1]</sup>: Consumer loans.

**Credit-score management** <sup>[1][1]</sup>: Korean credit-bureau integration.

**Bill payment** <sup>[1][1]</sup>: Korean services.

**B2B payments (Toss Payments)** <sup>[1][1]</sup>: Merchant + e-commerce.

## Implementations & partners

**Operator**: **Viva Republica Inc.**.

**Major investors**: Altos Ventures, Goodwater Capital, HongShan Capital, PayPal, GIC, Korea Development Bank.

**Toss Bank** — separate banking license (Korean third internet-only bank).

**Korean regulators**: FSC + FSS + BOK.

**Major Korean competitors**:
- **[KakaoPay](https://docs.barcoder.ai/docs/wallets/kakaopay)** (Kakao Corp; embedded in KakaoTalk messenger).
- **[Naver Pay](https://docs.barcoder.ai/docs/wallets/naver-pay)** (Naver Corp; embedded in Naver search + commerce).
- **Samsung Pay** (Samsung Electronics; hardware-tied NFC).

## Fun facts

- **Founded February 2015 by Lee Seung-gun** — former dentist turned fintech billionaire.
- **~30M registered users + 25M MAU + ~60% of South Korean population** — substantial generational adoption.
- **~90% of Koreans in their twenties** use Toss — strongest demographic dominance.
- **>50% of MAU visit app 10+ times daily** — extreme engagement metric.
- **2021 Toss Bank launched** as Korea's third internet-only bank.
- **2022 $7B valuation; 2026 IPO target $15B** — substantial value creation.
- **Pivoted from Korean to US IPO** late 2024 — strategic listing-venue shift.
- **PayPal + GIC + Korea Development Bank investors** — diverse international + Korean state-backed capital.
- **Standalone app (unlike KakaoPay + Naver Pay)** — not embedded in messenger or search platform.

## Comparison

| Feature | Toss | [KakaoPay](https://docs.barcoder.ai/docs/wallets/kakaopay) (KR) | [Naver Pay](https://docs.barcoder.ai/docs/wallets/naver-pay) (KR) | [Revolut](https://docs.barcoder.ai/docs/wallets/revolut) (UK) | [Nubank](https://docs.barcoder.ai/docs/wallets/nubank) (BR) |
|---|---|---|---|---|---|
| Operator | **Viva Republica** | Kakao Pay Corp | Naver Corp | Revolut Ltd + bank subsidiaries | Nu Holdings (NU) |
| Type | **Standalone super-app + internet bank** | Super-app embedded in KakaoTalk | Super-app embedded in Naver | Multi-country neobank + wallet | Latin America neobank |
| Country | South Korea | South Korea | South Korea | 160+ countries | Brazil + Mexico + Colombia |
| Users (2024-25) | **30M / 25M MAU** | 36.5M / 24M MAU | 30.6M / 33M registered | 70M+ | 131M |
| Embedded in | **None (standalone)** | KakaoTalk | Naver search + commerce | None (standalone) | None (standalone) |
| Banking license | **Toss Bank (KR)** | KakaoBank (separate Kakao Corp subsidiary) | n/a | UK + EU + Mexico | BR + MX + CO |
| Listed | **Planned 2026 US IPO ($15B target)** | KOSPI Nov 2021 | Naver Corp listed | Private | NYSE Dec 2021 |

## Status

**Active, growing, pre-IPO** <sup>[1][1], [4][4], [5][5]</sup>:
- **Viva Republica operator** since 2015.
- **30M registered users + 25M MAU + ~60% Korean population**.
- **~90% Korean-twenties demographic dominance**.
- **Toss Bank full banking license** (Korean third internet-only bank).
- **US IPO planned 2026** — $15B target valuation, $2.5B raise.

## Sources

[1]: https://www.transfi.com/blog/south-koreas-kakaopay-toss-how-digital-wallets-are-dominating "KR KakaoPay + Toss — Transfi"
[2]: https://fortune.com/asia/2025/04/23/toss-founder-lee-seunggun-south-korea-viva-republica/ "Toss founder Lee Seung-gun — Fortune"
[3]: https://www.koreaherald.com/article/3317122 "Toss IPO 2025 listing — Korea Herald"
[4]: https://www.kedglobal.com/ipos/newsView/ked202410290017 "Viva Republica drops KR IPO, seeks US — KED Global"
[5]: https://www.caproasia.com/2025/07/26/south-korea-financial-app-toss-plans-united-states-ipo-in-2026-to-raise-2-5-billion-at-15-billion-valuation-toss-parent-is-viva-republica-founded-in-2014-by-ex-dentist-lee-seung-gun-age-43-who/ "Toss US IPO 2026 — Caproasia"
[kr-cro]: https://docs.barcoder.ai/docs/payments/KR

- [1] [KR KakaoPay + Toss — Transfi][1]
- [2] [Toss founder Lee Seung-gun — Fortune][2]
- [3] [Toss IPO 2025 listing — Korea Herald][3]
- [4] [Viva Republica drops KR IPO — KED Global][4]
- [5] [Toss US IPO 2026 — Caproasia][5]
- <sup>[Korea, Republic of report](https://docs.barcoder.ai/docs/payments/KR)</sup> In-corpus: `reports/countries/KR-south-korea.md`

## Source

Biography extracted from [toss.md](https://docs.barcoder.ai/source/wallets/toss). See `matrix.md` for standards-support matrix if present.