Toss Reports 780.8 Billion KRW Revenue Last Year... 100% Increase YoY

[Image source=Yonhap News]

[Asia Economy Reporter Eunmo Koo] Viva Republica, the operator of the mobile financial service 'Toss,' announced on the 31st that its consolidated revenue for last year reached 780.8 billion KRW. This figure represents a 100% increase compared to 389.8 billion KRW a year earlier. With this, Toss has maintained a trend of doubling its revenue for three consecutive years.

Toss Payments, which handles the payment sector, grew its revenue last year by partnering with major e-commerce companies such as Google, Gmarket Global, Woowa Brothers, and Kurly. Toss’s merchant division revenue last year recorded 551.3 billion KRW, a 153% increase from the year before. However, operating losses last year amounted to 179.6 billion KRW, an increase of about 107 billion KRW compared to the previous year.

A Toss representative explained, "The main reasons are aggressive marketing in the payment sector, a decrease in commission revenue due to the introduction of a lifetime free remittance policy, and the reflection of early-stage performance from affiliates such as Toss Securities."

Losses of approximately 78 billion KRW from Toss Securities and 35.8 billion KRW from Toss Bank were reflected in the results.

Toss operates a business-to-business (B2B) model that generates 95% of its revenue from financial institutions such as banks. Each financial institution gains more exposure to customers through the Toss platform, and customers can choose credit loans, cards, and other products more advantageously.

Meanwhile, Viva Republica Vietnam, which began full-scale growth early last year, has secured 3 million monthly active users locally and recently started offering credit card issuance and small loan services through the Toss application, accelerating its overseas business, the company said.

In September last year, Toss launched its app in five Southeast Asian countries?Indonesia, Malaysia, Thailand, the Philippines, and India?and is working on securing initial users. The corporation established in Singapore earlier this month is expected to serve as a forward base for future expansion into Southeast Asia.

This content was produced with the assistance of AI translation services.