Viva Republica founder and CEO Lee Seung-gun (Viva Republica)
Viva Republica founder and CEO Lee Seung-gun (Viva Republica)

Viva Republica, the operator of mobile financial service Toss, swung to its first annual profit in 2024 as operating revenue surged 43 percent from the previous year.

The company reported a consolidated net profit of 21.3 billion won ($14.5 million) in its annual earnings disclosure Friday, rebounding from a net loss of 216.6 billion won in 2023 and marking its first profitable year since its founding in 2013.

Operating profit also turned positive, reaching 90.7 billion won from a loss of 206.47 billion won the previous year.

The turnaround was fueled by record-high operating revenue, which jumped 42.7 percent on-year to 1.96 trillion won.

Toss explained that the consumer services segment played a key role, contributing 58 percent of total revenue, up from 42.5 percent the previous year. The segment includes a range of mobile financial services — such as remittances, brokerage, advertising, mobile payments, securities and tax services — all integrated into its superapp for retail users.

Another key pillar of Toss’ business is its merchant services segment, which caters to corporate and store clients, largely through its payment gateway and payment device sales.

Toss has 28 million members, with monthly active users reaching 24.8 million as of December, a 29 percent increase from the previous year.

The company also highlighted the balanced growth of its affiliates and stronger synergy among them. Its main subsidiary, Toss Securities, posted a second consecutive year of profitability, with sales revenue soaring 110 percent. In addition to the online brokerage, the firm operates Toss Payments and Toss Insurance, while also launching tax service provider Tax Income last year.

Based on standalone earnings, the parent company also swung into the black for the first time last year with operating profit reaching 11.5 billion won and net income rising to 48 billion won, driven by a sharp 75 percent on-year surge in operating revenue to 587.1 billion won.

“This milestone, achieved in the firm's tenth year, underscores that Toss' growth strategy has solidified into a stable business model,” said Viva Republica founder and CEO Lee Seung-gun. “We will continue to strengthen profitability and scale through user-focused service innovation and platform advancements.”

Toss’ first annual profit marks a turning point in the fintech giant’s trajectory. Since launching its mobile remittance service in 2015, the company spent its first decade strengthening its business and market position through domestic expansion. In doing so, it has not only fueled its own growth but also reshaped the industry, enhancing customer convenience and accelerating digital finance in Korea.

Building on this foundation, Toss outlined plans in February to expand globally, with a long-term goal of having half its user base overseas by 2030. It also made its official entry into in-person financial services this month, rolling out a facial recognition payment system at local stores.

Meanwhile, Viva Republica is preparing for an initial public offering, with the US being considered as a potential market.


jwc@heraldcorp.com