South Korean financial super app operator Viva Republica Inc. scrapped its domestic listing plans in favor of a US initial public offering, marking a shift in strategy as local fintech valuations remain under pressure, The Korea Economic Daily reported.
The company, valued between 10 trillion won ($7.2 billion) and 20 trillion won ($14.4 billion), is targeting a listing on either Nasdaq or the New York Stock Exchange by early 2026, according to people familiar with the matter who asked not to be identified discussing private information.
The decision follows disappointing performances by Korean fintech peers. KakaoBank Corp. and Kakao Pay Corp. have seen their shares plummet since going public, while K Bank recently withdrew its IPO plans due to weak investor interest.
Viva Republica, which operates the Toss platform offering banking, insurance, and payment services, sees better prospects in the US market where investors are showing renewed appetite for growth-focused fintech firms. The company plans to select IPO managers by year-end.
The move comes as the firm’s previous 9.1 trillion won valuation from its last pre-IPO funding faces scrutiny in the domestic market, where investors remain skeptical about platform business models and their path to profitability.
The company’s main underwriters for the canceled Korean listing included Mirae Asset Securities Co. and Korea Investment & Securities Co.
