Ant becomes second largest stakeholder of South Korean mobile payment startup Toss Payments – report
STOCKS
Ant becomes second largest stakeholder of South Korean mobile payment startup Toss Payments – report
STOCKS

Ant becomes second largest stakeholder of South Korean mobile payment startup Toss Payments – report

 

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Ant Group, the operator of China’s biggest mobile payment platform Alipay, has become the second-biggest stakeholder of Toss Payments, the payment gateway subsidiary of Viva Republica Inc.’s financial super app Toss, with about a 40% stake, reported The Korean Economic Daily.

Ant has acquired a 72% stake in Blitz Fast Inc., a special purpose company equally owned by Viva Republica and the financial investors of Toss Payments, LB Private Equity Inc. and Premier Partners LLC, for 100 billion won ($75.5 million), the report said, citing investment banking sources. 

With the acquisition, Ant has taken over a 36% stake in Toss Payments, which was held by the financial investors that chipped in Toss’ acquisition of the PG service from Korean mobile carrier LG Uplus Corp. in 2020. 

Ant also took part in Toss Payments’ new share sale worth tens of billions of won, which has allowed the former to hold the second biggest stake of about 40% in the latter in total.