Viva Republic, the company behind Korean financial services app Toss, has closed a $48 million Series C funding round which includes a strategic investment from payment giant PayPal.
The deal is PayPal’s second investment this year — coming just days after it backed health startup Virta — but the round was led by San Mateo-based VC firm Goodwater Capital, which led Viva Republica’s Series B round and counts Korean tech giants Kakao (messaging) and Coupang (e-commerce) among its portfolio. Bessemer Venture Partners, Altos Ventures, Tekton Ventures and Partech Ventures also participated in the round.
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