South Korean fintech unicorn Toss is planning to launch its “all-in-one” finance app in Australia this year and expand to more countries soon. The company also aims to introduce a won-based stablecoin once regulations permit, according to its founder and CEO, Lee Seung-gun.
Lee, a former dentist turned entrepreneur, said that Toss has proven a startup can compete with big banks and brokers. He also believes the company’s international growth will eventually surpass its growth in Korea.
“We proved in Korea that a startup can compete head-on with entrenched players,” Lee said in an interview on Tuesday. “A similar model can work globally, especially in countries where users juggle multiple bank accounts or fintech apps. We want to bring them into one seamless experience.”
Toss has attracted more than 30 million users in South Korea since its founding in 2015, Lee said. Its first major overseas push will be in Australia, where a fragmented banking system and open-banking rules allow room for a one-stop platform, he said.
Fintech has set up an Australian unit which plans to start core services such as peer-to-peer money transfer by year-end. It is reviewing other territories, with Singapore serving mainly as a regional hub rather than a retail market, Lee said.
“Our long-term vision is not another financial holding company, but a global internet company built on financial services,” he said.
The unicorn — a startup valued at over $1 billion — has attracted interest from global investors who see it as one of the few fintech companies successfully building a super app, said Lee. He did not comment on possible listing plans or valuation.
In South Korea, Lee said Toss is in a “perfect position” to lead the development of a digital version of the Korean won, as the government prepares new laws to ensure strict oversight and consumer protection.
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