GIC-backed South Korean super app to take on Grab and GoTo in Southeast Asia

The super app is seeking to enter Indonesia, Malaysia, Thailand and the Philippines after venturing into Vietnam in 2019.

South Korea super app Toss is set to take on competitors Grab and GoTo in Southeast Asia, with its planned expansion into four more countries in the region.

According to a report in the Financial Times on March 24, Toss is seeking to enter Indonesia, Malaysia, Thailand and the Philippines after venturing into Vietnam in 2019.

The super app also intends to expand in India.

Toss is owned by Viva Republica, one of South Korea’s most valuable fintech start-ups, which is seeking to raise US$1 billion ($1.3 billion) from its international investors in the 2Q2022.

The start-up is backed by Singapore’s sovereign wealth fund GIC, Paypal and Sequoia Capital China.

Some of NASDAQ-listed Grab’s investors include Singaporean state holding company Temasek Holdings and Softbank.

On March 15, the GoTo group announced its intention to carry out an initial public offering (IPO) on the Indonesia Stock Exchange (IDX). The IPO is expected to raise proceeds of at least IDR 15.2 trillion (US$1.1 billion or $1.5 billion).

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