South Korea’s FTC Designates Fintech Leader Toss as Publicly Disclosed Business Group; Kiwoom and DB Securities Also Advance in Rankings
Fintech pioneer Toss, operated by Viva Republica, has officially been designated as one of South Korea’s large corporate groups for the first time. This landmark inclusion comes amidst a sustained stock market rally that significantly boosted assets across the nation’s dynamic financial sector.
The Fair Trade Commission (FTC) formally designated Viva Republica, the operator behind the popular Toss financial platform, as a publicly disclosed business group on Wednesday. This significant classification is applied to South Korean conglomerates boasting combined assets exceeding 5 trillion won (approximately $3.38 billion USD). The new designation is scheduled to become effective starting May 1.
Toss stands as one of 11 entities newly integrated into this prestigious list of major South Korean business groups. Concurrently, Daou Kiwoom Securities advanced into a stricter cross-shareholding restricted category, climbing two positions to 47th overall. DB Group also saw a notable ascent, moving up three places to 37th, while Daeshin Group dramatically jumped seven spots to 69th. Both DB and Daeshin maintain substantial securities divisions within their portfolios.
The FTC attributed the surge in new designations to “last year’s robust semiconductor and securities boom, which significantly amplified corporate assets across various sectors.”
Toss’s groundbreaking entry is particularly remarkable as it joins a landscape traditionally dominated by established financial heavyweights. Founded in 2013 by Lee Seung-gun, a former dentist, the company revolutionized South Korean fintech with its launch of a free money transfer app in 2015. Since then, Toss has rapidly evolved into a comprehensive financial platform, encompassing banking services, brokerage, insurance, and diverse payment solutions. Its strategic expansion even extends to offline ventures, including mobile telecommunications and advanced payment terminals.
Industry analysts interpret Toss’s aggressive expansion not merely as a growth strategy, but significantly as a sophisticated data-driven play, leveraging user insights across its diverse services.
Demonstrating its impressive growth trajectory, Toss (Viva Republica) reported a record consolidated revenue of 2.7 trillion won (approximately $1.82 billion USD) last year, marking a substantial 38 percent increase from the previous year.
This remarkable financial performance was significantly propelled by Toss Securities, which saw its operating profit skyrocket by an astonishing 203 percent, reaching 452.1 billion won in 2025. This figure impressively surpassed major competitors, including Hana Securities (166.5 billion won) and Daeshin Securities (301.4 billion won). Toss Securities’ net profit also stood strong at 340.1 billion won, securing its position as the ninth-largest among South Korean domestic brokerages.
What makes these achievements even more compelling is Toss Securities’ lean operational size. Despite holding total assets of 7.2 trillion won—less than one-tenth of the 84 trillion won average boasted by the top 10 traditional brokerages—Toss Securities achieved an extraordinary return on equity (ROE) exceeding 70 percent. This starkly contrasts with most major industry peers, whose ROE typically hovers around 10 percent, highlighting Toss’s exceptional efficiency and profitability.
Toss Securities has aggressively expanded its cutting-edge mobile trading platform, particularly appealing to younger generations of investors. Its user base, predominantly comprising individuals in their teens, 20s, and 30s, has rapidly grown. Cumulative account holders reached 8.6 million by February, marking a significant increase of over 30 percent from 6.6 million recorded at the end of 2024.
Toss Bank also demonstrated robust performance, concluding the year with impressive results. Its net profit more than doubled, soaring to 96.8 billion won from 45.7 billion won in 2024. Furthermore, the bank’s net interest margin (NIM) saw a modest yet positive increase of two basis points, reaching 2.55 percent.
Looking ahead, Toss (Viva Republica) is actively pursuing a coveted Nasdaq listing, signaling its ambitions for global expansion. Earlier in January, a strategic share swap transaction involving China’s Ant Group provided a significant valuation benchmark, placing Toss’s market worth at an impressive 20.5 trillion won.
ch0221
