[Apha Biz=(Chicago) Reporter Paul Lee] Toss Payments, a payment service subsidiary of Toss (Viva Republica), has accepted Ant Group, a fintech company under Alibaba, China's largest e-commerce company, as a strategic partner.

Ant Group operates Alipay, the world's largest online payment service used by 1.3 billion people. Toss Payments, which has been seeking to make inroads into the global market, has joined hands with Ant Group, which has great business synergy, to speed up its overseas payment business.

According to the industry and the investment banking (IB) industry on the 18th, Ant Group recently acquired a 72% stake in Blitzfast, a special purpose company (SPC), the majority shareholder of Toss Payments. This is to secure a 36% stake in Toss Payments, which the FI Consortium (LB Private Equity and Premier Partners) has indirectly held through BlitzFast. The amount of investment is known to be around 100 billion won.

Ant Group is also known to have participated in tens of billions of won worth of paid-in capital increase pushed by Toss Payments to secure additional shares held directly. In terms of real stake, it became the second largest shareholder after Viva Republica.

 

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