Former Dentist Becomes A Billionaire After Funding Round Boosts His Korean Fintech Startup

Lee Seung-weapon, the originator and CEO of fintech startup Viva Republica, is the most recent to join a developing gathering of independent extremely rich people in South Korea, where family-possessed aggregates have generally overwhelmed its economy.

Recently, Viva Republica, which works the money application Toss, reported that it has brought $410 million up in a series of financing esteeming the eight-year-old startup at $7.4 billion. The financial backers incorporate New York-based Alkeon Capital Management and Altos Ventures in Silicon Valley. Different financial backers in past adjusts incorporate PayPal, Singapore sovereign-abundance reserve GIC and funding firm Kleiner Perkins.메이저사이트

A representative for Toss affirmed that Lee’s stake in Viva Republica is worth more than $1 billion after the current week’s financing round. Fintech Zoom assesses that Lee claims somewhat under 18% of Viva Republica, worth $1.2 billion (subsequent to limiting the valuation in light of the fact that the organization is private).

Situated in Seoul’s upscale Gangnam area, Viva Republica was set up in 2013. After two years, it dispatched Toss as a cash move administration. From that point forward, Toss has extended its administrations to give advances, check FICO ratings and put resources into stocks, among others.

A Viva Republica Ltd. Representative exhibits the Toss application on a cell phone in Seoul, South Korea, on April 20, 2020.

Jean Chung/Bloomberg

Throw says it has 20 million clients, or more than 33% of South Korea’s populace. Viva Republica revealed that income dramatically multiplied to 390 billion won (about $330 million) in 2020 from the earlier year, while misfortunes limited to 72.5 billion won from 115 billion won.

Prior to beginning Viva Republica, Lee, who moved on from the esteemed Seoul National University, was a dental specialist at a clinic subsidiary with the Samsung combination. He got the plan to fabricate Toss subsequent to being disappointed attempting to move cash through cell phones.

“Throw is the means by which financing ought to be,” he disclosed to Fintech Zoom in 2017. “We totally upgraded insight and openness in financing administrations on portable, and we trust we can give it to each versatile client in Korea.”

Lee, 39, is the most recent in a developing rundown of Korean business visionaries to join the three-comma club lately. Coupang organizer Bom Kim, Bang Shi-hyuk, the author of the organization behind K-pop sensation BTS, and Chang Byung-gyu, the executive of web based gaming organization Krafton, all became very rich people in the previous few years.

On the current year’s Korea’s 50 Richest rundown, an independent business visionary, Celltrion fellow benefactor Seo Jung-jin, held the No. 1 spot interestingly since Fintech Zoom delivered the debut list in 2005. Already, the top roost has consistently been involved by one of the big enchiladas of either the Samsung or Hyundai aggregates, second-age beneficiaries who acquired their fortune.

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