KB News Desk
Viva Republica, the operator of South Korean fintech giant Toss, reported an over 50 percent increase in revenue in the first half of the year, driven by growth across its in-app services.
Consolidated revenue stood at 1.89 trillion won ($1.34 billion), up 53.2 percent from a year earlier. Consolidated operating profit rose 59.2 percent to 246.1 billion won, while net profit jumped 120.2 percent to 232.8 billion won.
Revenue growth outpaced the increase in expenses, driving both top-line growth and improved profitability, Toss explained.
The company identified its SuperApp Service, which offers a broad range of financial and lifestyle services, including money transfers, investments, loans and tax services, through a single app, and its Payments Network Service, which connects online and offline payment ecosystems, as key growth drivers.
During the first half, SuperApp Service generated 1.33 trillion won in revenue, accounting for 70.3 percent of consolidated revenue, while Payments Network Service brought in 561.3 billion won, or 29.7 percent.
Toss also reported growth in its facial-recognition payment service Face Pay. The number of users signed up for the service surpassed 6 million in the first half of the year and topped 7 million in July.
The expansion reflects Toss’ growing presence in offline payments as it extends its reach beyond its online services, the operator explained.
“Toss has been able to strengthen the competitiveness of its individual services through its SuperApp Service, which is built around the strategy of expanding a range of financial services within a single app,” a Toss official said.
“Going forward, Toss will continue to reinforce a virtuous cycle in which growth in each service drives broader usage across the platform.”
