South Korean Fintech Unicorn Toss Plans Acquisition of Japanese Brokerage Cher Securities
Viva Republica, operator of Toss, intends to acquire 100% of mobile-focused Japanese brokerage Cher Securities for approx. 4 billion yen, aiming for closure by March 2027.
According to a report by South Korean media outlet Byline Network, Viva Republica, the operating entity behind the fintech giant Toss, is planning to enter the Japanese securities market. The company intends to acquire 100% of the shares of Cher Securities, a mobile-specialized brokerage under the Tokai Tokyo Financial Group, through its overseas business arm, Toss Global. The transaction value is estimated at approximately 4 billion yen (around 34 billion won), with a target completion date by March 2027.
Cher Securities, established in 2019, is an online brokerage focused on small-scale stock trading and investment trust services via smartphones. Toss stated that the decision to acquire Cher Securities stems from the alignment of their service philosophies, particularly the focus on accessibility for beginner investors. The strategy involves leveraging Cher’s existing customer base and operational experience while integrating Toss’s mature mobile trading system (MTS/WTS) technologies to gradually enhance services without aggressive restructuring.
This strategic move reflects Toss’s search for new growth engines. While Toss boasts a massive user base in South Korea, its profitability relies heavily on its domestic securities business, where growth margins are tightening. Compared to the fierce competition and strict regulatory barriers faced by foreign entrants in Japan’s banking sector, the securities industry offers a more realistic entry point. Japan’s relatively stable political environment and well-established financial regulatory framework are also viewed as favorable conditions for testing digital financial platform models.
For investors, this acquisition represents a critical step in Toss’s globalization strategy. Previously, Toss launched its eponymous app in Australia via Toss Global. If the integration in Japan proceeds smoothly, it could contribute direct overseas revenue and add a significant “cross-border platform capability” narrative to the company’s potential IPO valuation. However, the deal is not yet finalized and remains subject to approval by the Japanese Financial Services Agency (FSA) and subsequent integration risks.