Hong Min-taek, CEO of Toss Bank, the internet-only banking arm of fintech giant Viva Republica, said Tuesday that launching a house mortgage loan service is inevitable for the firm, but that it will wait for the right timing amid the government's efforts to curb household debt. Currently, Toss Bank is the only bank among the three internet-only banks, which also include KakaoBank and K-Bank, that does not offer .
Fresh off a $154 million funding round in March 2023, South Korean digital lender and neobank Toss Bank is close to raising another $154 million (200 billion won) in equity at a valuation of $2.1 billion (2.7 trillion won), and it is already planning a further $150 million round for the end of the year, sources familiar with the matter told TechCrunch. In March of this year, Toss Bank raised $154 million at a valuation of $1.6 billion, a figure we have confirmed with the company directly (PitchBook notes a higher valuation, which the company told TechCrunch was incorrect). At the time of its last raise, Toss Bank had raised a total of over $1.2 billion since its inception in 2021.
Toss Bank, the internet-only banking arm of fintech giant Viva Republica, has reported its first monthly profit of approximately 1 billion won ($755,000) in July since its launch in October 2021, according to the lender on Friday. Toss Bank traditionally discloses its net profits and losses only on a quarterly basis. The turnaround was first announced to Toss Bank employees through an internal company bulletin on Wed.