Investment
US IPO
GIC, Baillie Gifford said to back S Korean fintech firm Toss
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ByStartupStory | December 17, 2025
Singapore’s GIC and Scottish investment firm Baillie Gifford have taken stakes in South Korean fintech super-app Toss through a secondary transaction, providing fresh backing ahead of the company’s planned US IPO.
The investment targets existing shares in Viva Republica, Toss’s parent company, rather than a primary funding round. Other participants include Wellington and WCM, though specific stake sizes and selling shareholders remain undisclosed. The deal bolsters Toss’s investor lineup as it prepares for a 2026 Nasdaq listing aiming for a valuation exceeding $10 billion, potentially reaching $15 billion based on market dynamics.
Toss has transformed from a basic money-transfer service into a comprehensive financial super-app, encompassing banking, payments, insurance, securities trading, lending, and tax tools. It boasts over 24 million monthly active users—about half of South Korea’s population—and serves more than 100,000 business clients. Last year, it achieved roughly 1.4 trillion won in revenue alongside its first operating profit of 90.7 billion won.
Capital from the transaction and upcoming IPO will fuel international growth, with Toss targeting 50% of its user base from overseas within five years. It is piloting expansions in markets like Vietnam and considering Australia.
The involvement of patient capital providers like GIC and Baillie Gifford validates Toss’s super-app strategy and its vision to emerge as a global fintech leader beyond its domestic stronghold.
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