PayPal has made an undisclosed minority investment in South Korean fintech startup Viva Republica, the maker of money transfer app Toss, in $48m series C funding led by venture capital firm Goodwater Capital.
Bessemer Venture Partners, Altos Ventures and Partech Ventures also participated in the funding round.
Viva Republica intends to use the fund to expand its fintech product range and become a full financial services platform.
Launched in February 2015, the peer-to-peer (P2P) payments app now supports cards issued by nearly all of major South Korean banks.
Modeled after mobile payment services like Venmo and Square Cash, the app has been downloaded more than six million times.
By the end of 2016, the app had facilitated the transfer of about $3bn and currently processes over $400m in payments each month.