Viva Republica is the operator of Toss; firm has announced a $48 million funding round for the payment app from PayPal, Goodwater Capital, Bessemer Venture Partners, Altos Ventures and Partech Ventures; Toss has reported significant market share in Korea with over six million app downloads and payment transactions of over $3 billion; Viva Republica has also partnered with 18 of Korea's 19 major banks and now provides payment services to 98% of Korea's banking customers; for PayPal the investment builds out its payment services portfolio which includes mobile payment processor Venmo. Source
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Asia/Pac
Asia's alternative lending sector has been growing exponentially with a number of industry dynamics influencing the market; Forbes provides an overview of current market developments in China, India and Southeast Asia; growth in the three regions has been significantly influenced by a shift towards digital and a growing middle class increasingly using mobile technology; while marketplace lending has been growing in Asia a permeating challenge across all three regions is the lack of a deeply rooted credit underwriting system with robust data for lenders; China has approximately 2,200 P2P lenders with its P2P lending market valued at an estimated $100 billion however new regulations to handle fraud are likely to shrink the market; India is reporting about 30 P2P lenders in the country; India and Southeast Asia have a number of credible alternative lenders but seem to be growing cautiously in order to avoid the outbreaks of fraud experienced in China; Forbes provides a taxonomy of the various alternative lenders in Asia. Source
