South Korean payments tech firm, Viva Republica, has just completed an additional round of funding, securing US$48 million, including what is thought to be significant backing from Paypal.

The creators of the two-year-old app “Toss” claim to have six million users and have facilitated $3 billion in transfers. Not bad considering the app’s individual transfer limit is about $430.

Viva Republica, whose services are available to 98% of banking customers (as long as they have a smartphone) plans to use the investment to roll out services attractive to older consumers, beyond the millennial demographic where it is already successful.

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