A decade in, South Korea’s largest fintech app, Toss, is taking its business global, aiming for half of its user base to be foreigners in five years.

Lee Seung-gun, founder and CEO of Toss' operator Viva Republica, unveiled this ambitious plan during a press conference celebrating the company’s 10th anniversary on Wednesday.

"Toss will become a financial superapp used by the whole world," Lee stated, outlining the goal of having half of its total user base, currently at 28 million, be foreigners by 2030.

This marks the first time the fintech giant has announced plans to expand its financial app globally. Toss previously explored Southeast Asian markets, including a venture into Vietnam in 2019, but faced significant challenges in expansion, ultimately resulting in the withdrawal of its international offices.

"Toss is already on par with other global fintech apps in terms of monthly active users and daily usage, which gives us confidence that we can succeed in the global market," Lee remarked. He added that the company plans to launch the app in various countries, starting with essential features like transactions and payments.

Wednesday's event was themed "10 to 100: Toss' 10 Years, A New Start," where the company outlined its long-term goals.

Another key vision presented that day was the transition from financial services to becoming an everyday app -- a journey which Lee emphasized began a decade ago when Toss first launched its iconic "easy remittance" service.

"We believe the true essence of innovation lies not in the invention itself but in its widespread adoption for universal use. This has been our focus for the past 10 years," Lee said, adding, "Toss' innovations have driven not only its own growth but have also inspired participation from other industry players, transforming the overall market landscape."

To take its innovation to the next level, Toss plans to open its resources to other companies, including the systems and expertise behind its innovations. The firm will also focus on building its ecosystem, aiming to serve as a channel that connects its partners and other startups' services. To further support the industry, Toss will provide 1 trillion won ($697.8 billion) to startups, bolstering the startup environment and assisting smaller companies as they integrate into Toss's ecosystem.

Finally, Toss is venturing beyond digital finance with its face payment service. While Toss's financial services have only been available through its mobile app, "Facepay" is set to launch a pilot service in local convenience stores next month, marking its entry into offline finance.

Viva Republica has not disclosed 2024 earnings yet, but the CEO indicated that the company expects to achieve its first profitable year since inception. "We’re still undergoing an audit, so it's difficult to confirm, but we anticipate an annual profit, with all of Toss's businesses aiming for record earnings this year," he said.

Meanwhile, Lee declined to provide details about its planned initial public offering, stating "Not much has been decided yet." Last year, Viva Republica announced plans for a market debut in 2025, with the US Nasdaq as a potential destination.

By Choi Ji-won (jwc@heraldcorp.com)