South Korean fintech unicorn Toss is preparing a major international expansion, starting with Australia, while also positioning itself to issue a won-based stablecoin once regulations are in place, CEO and founder Lee Seung-gun said on Tuesday.
Founded in 2015, Toss has grown to more than 30 million users in South Korea, showing that a startup can challenge traditional banks and brokers head-on. Lee, a dentist-turned-entrepreneur, said the company’s success at home can be replicated abroad.
“We proved in Korea that a startup can compete head-on with entrenched players. A similar model can work globally, especially in countries where users juggle multiple bank accounts or fintech apps. We want to bring them into one seamless experience,” Lee told Reuters.
Global push begins in Australia
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Toss has established an Australian unit and aims to launch core services such as peer-to-peer money transfers by year-end.
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Australia’s fragmented banking system and open-banking rules make it an attractive entry point.
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Toss is reviewing other markets, with Singapore serving mainly as a regional hub rather than a retail market.
Stablecoin ambitions
Lee confirmed Toss’s intent to issue a digital won stablecoin, pending regulatory approval. South Korea’s government is drafting legislation this year to allow stablecoin issuance under strict oversight and consumer protections.
“We will issue and distribute won-based stablecoin – that I can say for sure,” Lee said, noting Toss is in regular talks with regulators to build the necessary infrastructure.
IPO plans
Toss is also preparing for a U.S. IPO in Q2 2026, targeting a valuation of $10–15 billion, according to earlier reports. If achieved, it would be the largest U.S. listing by a South Korean firm since 2021. Global funds see Toss as one of the few fintechs delivering on the super app model.
Lee emphasized that Toss’s long-term ambition is to become “a global internet company built on financial services”, not just another financial holding firm.