Introducing Korea's Fintech Phenomenon, Toss: Could This Be Its Biggest US IPO Since Coupang?

By Robert Samuels

If you have any questions or are interested in learning more about going public and our investor relations service in the public market space, please reach out to felicia.oyebode@iecapitalusa.com. 

There's something remarkable happening in South Korea that Wall Street is just starting to notice. A single app called Toss has quietly become the financial backbone for 24 million people—nearly half the country's population. And unlike the fragmented mess of apps Americans use to manage money, Koreans do everything through Toss: banking, investing, insurance, even filing taxes. 

Now Toss wants to take this magic global by preparing for a $15 billion US IPO that would dwarf every Korean company debut since Coupang's $4.6 billion blockbuster in 2021. 

The real question isn't whether they can pull it off, but whether the rest of the world is ready for Korea's most ambitious export yet.

The App That Took Over Korea—And Wall Street's Next Big Bet

Viva Republica built something special with Toss, and the numbers prove it. While most fintech apps struggle to get users to trust them with pocket change, Toss earned the trust of 24 million Koreans. Banking, payments, stock trading, insurance, tax filing—Toss handles it all through one sleek interface. Now, the company wants to take this formula global, and they're betting Wall Street will write them a massive check to make it happen.

Building Korea's Financial Swiss Army Knife

Toss cracked a code that stumps most financial apps: making money management feel effortless rather than overwhelming. Users don't switch between five different apps to pay bills, check investment portfolios, and transfer money to friends. They just open Toss. The app handles everything from basic banking for everyday people to sophisticated business services for over 100,000 companies. 

Think of it as what would happen if Venmo, Robinhood, and Chase Bank had a baby—except this baby grew up to serve nearly half of South Korea's population.

The $15 Billion Question

Wall Street loves a good story, and Toss is about to give them one worth billions. 

The company plans to go public in Q2 2026 with a valuation that starts at $10 billion but could stretch to $15 billion, depending on market conditions. They're looking to pocket somewhere between $2 billion and $3 billion from the offering, which would make it Korea's biggest American IPO since Coupang's $4.6 billion debut in 2021- a company widely recognized as the “Amazon of South Korea.” 

The confidence isn't unfounded: Toss has already raised over 1.6 trillion won (roughly $1.17 billion) from heavyweight investors including Singapore's sovereign fund GIC, Altos Ventures, Goodwater Capital, Korea Development Bank, and HSG (the venture firm formerly known as Sequoia Capital China). With that kind of backing, investment banks are already lining up like it's Black Friday, having pitched their services since late last year. Toss will pick their favorites in the coming weeks, though they're keeping quiet about who makes the cut.

The money has a clear purpose: global expansion. Toss wants international users to make up half their customer base within five years, which means they need serious capital to replicate their Korean success across multiple continents. Whether they can pull off that kind of global expansion remains the ultimate test.

Why Korea's Fintech Darling Chose America 

Toss could have easily gone public on a different global exchange. However, its decision to list in America tells a bigger story about Korean companies, global ambitions, and why sometimes you need to shoot for the stars to find investors who truly get what you're building.

• The Exclusivity Effect: Only a handful of Korean firms have gone public in America over the past five years, making Toss part of an exclusive club. Most Korean companies stick to familiar territory, but Toss wants access to investors with deep pockets who understand tech valuations and growth stories.

• Korea's 2024 IPO Scene Stayed Strictly Local: Every single Korean IPO this year happened on domestic exchanges, raising a combined $2.2 billion—a modest 4% bump from last year. Toss clearly looked at that market and decided they needed a bigger pond to swim in.

• The $1.4 Billion Revenue Club: Toss pulled in 1.96 trillion won ($1.4 billion) in revenue last year, proving their user base translates into serious money. Those 24 million users weren't just downloading the app for fun—they were generating real business.

• Profitability Finally Showed Up: After years of burning cash to build their empire, Toss posted its first-ever operating profit of 90.7 billion won in 2024. Nothing says "we're ready for Wall Street" quite like black ink on the balance sheet.

• American Investors Speak Fluent Tech: American investors have seen this movie before with companies like Square and PayPal. Toss wants money from investors who understand why digital financial platforms can be worth astronomical sums- such as $15 billion.

Final Thoughts: The Global Bet Worth Watching

Toss built a financial empire in Korea, but conquering the world is a different beast entirely. Different countries mean different regulations, banking systems, and consumer habits—all potential roadblocks for a company used to having 24 million people trust them completely.

The IPO timing makes sense, though. American investors have already written massive checks for fintech companies like Square and PayPal, so they understand why a single app handling everything from payments to stock trades could be worth $15 billion. Korean investors might balk at that valuation, but Wall Street has seen stranger things pay off.

When Toss hits the public markets in 2026, they'll find out if their Korean playbook works on a global stage. Twenty-four million users proved the concept works—now they need to convince the rest of the world.

If you have any questions or are interested in learning more about going public and our investor relations service in the IPO space, please reach out to felicia.oyebode@iecapitalusa.com. 

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