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Toss CEO and founder Lee Seung-gun (Viva Republica) |
Viva Republica, the operator of mobile financial service Toss, posted record-high revenue in the July-September period, gaining traction for a potential US listing.
According to the company on Thursday, its third-quarter revenue soared 47.5 percent to 502.1 billion won ($356 million) from a year ago, largely buoyed by its diverse business portfolio ranging from internet banking to digital brokerage.
With the latest figure, the company's cumulative revenue this year stood at 1.41 trillion won as of October, surpassing the 1.37 trillion won recorded for all of 2023.
The company also achieved profitability in the third quarter with 10.9 billion won in operating profit, backed by upbeat earnings at key affiliates. Toss Securities, in particular, reported 29.6 billion won in operating profits in the third quarter, an eightfold increase year-on-year. The brokerage arm established its US subsidiary Toss Securities Americas in July to spur its growth in overseas securities trading services.
Advertising revenue, based on its 19.1 million monthly active users, also helped improve overall profitability together with other key services, including Toss Pay and loan brokerage.
Backed by stable growth, Viva Republica is considering an initial public offering in the US market. It dropped its planned Kospi listing, presumably due to concerns of undervaluation.
“With the even growth of the services offered by Toss and the stable earnings of its affiliates and partner companies, Toss was able to post a record-high quarterly revenue, along with a quarterly operating profit and net profit,” said Lee Seung-gun, the founder and CEO of Viva Republica.
“We will continue growing in a way that supports the growth of the platform, ensuring both revenue and profitability.”
