South Korea’s digital lender Toss Bank in advanced talks to close $154M funding at a valuation of $2.1B

the fundraising efforts of South Korean digital lender and neobank Toss Bank. The key points are:

• Toss Bank is close to raising $154 million in equity at a valuation of $2.1 billion.
• The company is also planning another $150 million funding round for the end of the year.
• The funding injections are being discussed with existing and new investors, including global private equity firms and corporations.
• Toss Bank raised $154 million in March 2023 at a valuation of $1.6 billion.
• The capital injections highlight Toss Bank's competitive stance in the Korean market.
• The new funding is expected to be completed by the end of the third quarter of 2023.
• Toss Bank aims to use the capital to offer loans, expand its workforce, and expand its services.
• The company aims to turn profitable between year-end and early next year.
• Toss Bank has gained 7 million customers since its launch in October 2021 and has 464 employees.
• Toss Bank benefits from its association with Viva Republica, which has about 26 million users and provides various financial services through its app, Toss.
• Toss Bank is one of the three licensed online banking service providers in South Korea.