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Viva Republica speeds up pre-IPO process The fintech firm hires Morgan Stanley and Credit Suisse to handle the process

Translated by Kim So-in 공개 2022-01-18 07:54:57

이 기사는 2022년 01월 18일 07:53 더벨 유료페이지에 표출된 기사입니다.

Viva Republica, which operates mobile financial app Toss, is accelerating its pre-initial public offering (pre-IPO), hiring Morgan Stanley and Credit Suisse to handle the process.

Viva Republica recently hired Morgan Stanley and Credit Suisse as co-managers for its pre-IPO, industry source said on Friday. The company aims to complete the fundraising in the first half of this year although the size of the deal hasn’t been decided yet.

The financial firm is expected to seek a corporate value of up to 20 trillion won ($16.7 billion), with its corporate value reaching about 23 trillion won in the over-the-counter market. The company raised about 460 billion won in a Series G funding round at a valuation of 8.2 trillion won in June 2021, in which Korea Development Bank, Alkeon Capital Management, Altos Ventures, and Greyhound Capital participated.

Viva Republica’s financial app Toss has quickly risen in popularity since its launch in 2015. The fintech firm launched Toss Securities in February and Toss Bank in October 2021. It also entered the mobility business by acquiring a stake in VCNC, an operator of ride-hailing service Tada.

A vast amount of financial data is considered the company’s greatest strength. Viva Republica aims to further enhance its platform by providing all kinds of financial services, including banking, securities, and asset management in one platform. Toss had more than 21 million users as of November 2021, providing more than 50 services.

The proceeds from the pre-IPO placement are expected to be used to upgrade its IT infrastructure and secure talent. The company has actively recruiting talents in recent years, hiring more than 700 employees in 2021 alone.

Viva Republica has raised more than 1 trillion won from outside investors through a total of seven rounds of fundraising so far. Its investors include Altos Ventures, Goodwater Capital, Bessemer Venture Partners, Aspex Management, Sequoia Capital China, GIC, Ribbit Capital, and KTB Network.

The firm plans to go public in 1~2 years, with Seoul or Hong Kong being possible IPO venues, according to industry sources. (Reporting by Ha-na Suh)
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