South Korean finance app Toss plans 2026 US listing with over $10 billion valuation, sources say

South Korean fintech platform Toss (Viva Republica) is reportedly targeting a U.S. IPO in Q2 2026, aiming for a valuation exceeding $10 billion, potentially $15 billion, and seeking to raise $2-3 billion. This potential offering would be the largest U.S. listing by a South Korean company since Coupang in 2021, chosen for access to a larger investor base familiar with tech firms. Toss, which achieved its first operating profit of 90.7 billion won ($66.4 million) on $1.4 billion revenue last year, serves over 24 million monthly active users with a broad suite of financial services and plans to use IPO proceeds for global expansion.

Analysis

South Korean fintech platform Toss, operated by Viva Republica, is targeting a significant U.S. Initial Public Offering in the second quarter of 2026, aiming to raise $2-3 billion at a valuation of over $10 billion, with potential to exceed $15 billion. This event would represent the largest U.S. listing for a South Korean company since Coupang's 2021 debut, signaling a strategic preference for the deeper, tech-focused U.S. capital markets. The company's fundamentals appear strong, having reached a critical inflection point by achieving its first-ever annual operating profit of 90.7 billion won on 1.96 trillion won ($1.4 billion) in revenue last year. This profitability is underpinned by a substantial user base of over 24 million monthly active users—nearly half of South Korea's population—and a comprehensive suite of financial services. Proceeds from the IPO are earmarked for an ambitious global expansion, with the goal of international users accounting for half of its total user base within five years. The company's credibility is further supported by backing from notable investors including Singapore's GIC and Altos Ventures.

Key Decisions for Investors

• Investors should monitor Toss's ability to sustain its recent profitability and demonstrate tangible progress in its international expansion strategy, as these will be key factors validating its targeted $10-15 billion valuation ahead of the 2026 IPO.
• The planned listing serves as a critical bellwether for U.S. investor appetite for high-growth South Korean technology companies, and its reception could influence market sentiment for regional peers and comparables like Coupang.
• Given the two-year timeline, potential investors must factor in considerable execution risk tied to scaling a primarily domestic service globally, alongside the inherent volatility of IPO market conditions which could impact the final timing and valuation of the offering.