Toss Plans Q2 2026 US IPO at $10B+ Valuation as FacePay Biometric Payments Reach 1 Million Users

South Korean fintech company Toss, operated by Viva Republica, is planning to list on a U.S. exchange as early as the second quarter of 2026, targeting a valuation above $10 billion. The valuation could rise to over $15 billion if market conditions are favorable, with the offering potentially raising between $2 billion and $3 billion.

The IPO would mark the largest US listing by a South Korean company since Coupang’s $4.6 billion debut in 2021. A key driver of Toss’s growth and valuation is its FacePay biometric payment service, which has attracted one million users and 240,000 merchant locations.

At checkout, FacePay users simply look at the in-store device to complete a transaction, with the entire process taking just one second. This frictionless experience has driven rapid adoption in South Korea. Toss aims to deploy the service in one million stores by the end of 2026, representing a more than fourfold expansion of merchant acceptance.

Toss reported profits of 90.7 billion won (approximately $63 million) in its most recent fiscal year, marking its first profitable year, on revenue of 1.96 trillion won ($1.4 billion). As of December, the platform had over 24 million monthly active users, representing nearly half of South Korea’s population.

The IPO timing reflects both Toss’s operational maturity—achieving profitability for the first time – and the company’s ambition to expand internationally with U.S. capital markets support. The substantial valuation underscores investor confidence in biometric payments as a growth driver for digital financial services.

If successful, the IPO would provide significant validation for facial biometric payments in retail and financial services, demonstrating that the technology can drive both user adoption and business value at scale. The combination of mass-market reach and profitability positions Toss as a leading case study for biometric payment commercialization.

Sources: Fintech News HK

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By the ID Tech Editorial Team