Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About Insider Intelligence

Our goal at Insider Intelligence is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how Insider Intelligence came to be.
Learn More
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about Insider Intelligence.
Contact Us
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Tune in to eMarketer's daily, weekly, and monthly podcasts.
Learn More

Super fintech Viva Republica raises $410M off its success in tech-savvy South Korea

The news: The mega-round brings the South Korea-based fintech’s valuation to $7.4 billion, up from $2.3 billion in August last year, per TechCrunch.

What does it do? Viva Republica is the parent company of super app Toss, which offers a wide range of financial services to 20 million users—over a third of South Korea’s population.

Toss began as a peer-to-peer payment platform in 2015 and has expanded into aggregating users’ bank accounts and credit cards on one dashboard, as well as providing budgeting tools, credit score tracker, insurance plans, and more.

What is its appeal? Viva Republica boasts strong user acquisition and revenue-generating opportunities and offers backers a potentially lucrative exit.

  • Trading. In March, Toss launched stock-trading services for retail investors, and it has already signed up 3.5 million users, thanks to the exploding global demand for digital brokerage services.
  • Loans. The fintech plans to launch a neobank this September to further widen its services. This will allow it to open a new revenue stream via proprietary loans, such as mortgages. Credit-scoring data that Toss has collected on users will inform its underwriting and help it offer competitive rates.
  • International expansion. Last year, Toss expanded to Vietnam, adding 3 million users, and it plans to launch in Malaysia by the end of this year.
  • IPO. Viva Republica is mulling a Korean or US listing within the next three years after one more private fundraise of over $300 million in the near future, per founder and CEO SG Lee.

The bigger picture: The significant raise highlights the scaling potential in South Korea for fintechs.

The latest mega-raise suggests a fintech boom in South Korea thanks to its tech-savvy population: The country has the highest smartphone penetration in the world, at 95%, and reached 20 million open banking users last year. For context, the UK, the most advanced open banking country in Europe, has just 3 million users.

As a result, while Viva Republica remains South Korea’s sole fintech unicorn for now, its peers are also experiencing strong user growth: Mobile payment provider Kakao Pay, for example, has over 34 million users and is preparing an IPO.

This trend should help South Korea establish itself as a fintech hub just as larger regional powers move to rein in their own fintechs, such as China’s crackdown on super apps and India’s crypto ban.