Toss Bank Completes $211.1 Million Rights Offering, Company Valued at $1.78 Billion

Toss Bank is conducting a $211.1 million (KRW 285 trillion) rights offering to existing shareholders. This is the bank’s eighth capital increase since its inception in 2021 and its largest capital increase in over a year.

Toss Bank’s total paid-up capital will increase to $1.43 million (KRW 1.935 trillion). The newly issued shares are approximately 43.84 million ordinary shares at an issue price of $4.81 (KRW 6500) per share. Based on the issue price per share, the enterprise value of Toss Bank is approximately $1.758 billion (KRW 2 trillion 371.5 million). After the capital increase, Toss Bank has a BIS ratio of approximately 13%.

Existing shareholders Korea Investment Capital, Hana Bank, Standard Chartered Bank Korea, E.Land World, HOME&SHOPPING, Altos Ventures, Hanhwa Investment & Securities, GLENWOOD PE and VIVA REPUBLICA will participate in the capital increase. Korea Investment Capital will take the most new shares with an investment of approximately $80 million (KRW 108 billion).

With 7.8 million customers, Toss Bank has established a stable revenue model and achieved profitability in July this year. It has introduced a new rental deposit loan, expanded its loan portfolio from credit loans to mortgages, and built a product lineup for the second half of the year, including foreign exchange and kid services for children.

With this capital increase, Toss Bank plans to continue to grow in size. “It is thanks to the full confidence of our customers and shareholders that we have once again been recognised for our differentiated business value,” said a representative of Toss Bank. “We will continue the trend of achieving monthly, quarterly and annual surpluses”.