Investment platform fintech Republic is expanding to Asia by setting up a Seoul office.
Beside the step in South Korea, the U.S. based fintech will establish a Republic Asia entity and has plans to further expand in Singapore and other Asian countries this year, it said in a press release Wednesday. It operates multiple online investment platforms and provides asset management and blockchain advisory services.
«Republic's ultimate vision has always been to build a new type of investment firm that can democratize finance,» Youngro Lee, chief operating officer of Republic and head of Republic Asia, said in the statement.
Backing from South Korean Investors
«Asia is home to nearly 60 percent of the global population, and Republic is incredibly excited and eager to bring our experiences and learnings to Asia, starting with our Korean operations,» Lee said.
The company has already received backing from South Korean investors, including Viva Republica, which is a backer of the finance superapp Toss, and Alpha Asset Management, a multi-asset investment advisory firm, the release said.
Investments in South Korea
As part of its South Korean operations, Republic Asia acted as an anchor investor with a private equity fund operated by Quintessa Investment for a majority stake investment in TogetherApps, a peer-to-peer (P2P) investment platform in the country with more than $1.2 billion in completed real estate loan deals since its launch in 2015, the release said. Republic has also tied up with TogetherApps to work on new product offerings and expand capital market access via Republic’s network, the release said.
Republic Asia has made a minority investment in Korbit, one of five approved cryptocurrency exchanges in South Korea allowed to offer cash-to-crypto services, the release said. Republic, which has a blockchain practice, said it will work with Korbit on international projects.
Tying up with K-pop
In another deal, Republic said it entered a tie-up with Cube Entertainment, a South Korean music and entertainment company, to work on investments and technology in the arts and entertainment sectors to boost global interest in K-pop and K-culture.
Republic raised $150 million in series B equity financing last year, led by Valor Equity Partners, the release said. Valor Equity Partners’ previous investments have included Tesla, in 2008. Republic also entered a deal to acquire Seedrs, a European online investment platform, pending regulatory approval, the filing said.
The company has raised $214 million across 12 funding rounds, according to Crunchbase data. Other investors in the company have included Hudson River Trading, Moontide Capital, Gaingels, HOF Capital, CoinFund, Cabin VC, Tribe Capital, Galaxy Interactive and Bevan Howard Asset Management, the Crunchbase data show.
