November 23, 2024

• 

Toss Securities CEO Kim Seung-yeon. (Toss Securities)

Toss Securities saw its first profitable year since it started service three years ago by logging 1.53 billion won ($1.15 million) in net profit last year, it said on Thursday.

Sales rose by 58 percent on year to 202 billion won in the same period, with the operating loss narrowed by 31.3 billion won to 900 million won.

The firm attributed its first profitable year to transaction volume expansion, which led to improved earnings from the trading commission.

Domestic and overseas market transactions increased by 66 percent and 61 percent, respectively.

Last year, the firm garnered approximately one million more users, expanding its total membership to 5.7 million. Additionally, monthly active users rose to 3 million, with monthly traders reaching one million.

Launched by fintech app Toss operator Viva Republica, Toss Securities began in March 2021 as the country's first new brokerage firm in 12 years.

Without having to download a separate app, Toss Securities is easily accessible through the Toss app, which boasts an accumulated user base of approximately 22 million members to date.

The Toss subsidiary has been primarily fueled by its overseas stock exchange service. The app's convenience and its real-time mobile stock trading feature -- which enables investors to trade foreign stocks in decimal points -- have attracted a substantial influx of new investors.

As a result, it placed fourth in terms of market share in the overseas stock exchange market here.

"As the first securities company to acquire a license in this mobile era, Toss Securities' success story is just beginning," CEO Kim Seung-yeon stated Thursday, adding, "We will present diverse product lineups that extend beyond stock investment, offering traders novel experiences and values."

Meanwhile, Viva Republica is aiming for its market debut next year and recently selected Korea Investment & Securities and Mirae Asset Securities as the lead underwriters for its initial public offering.

By Choi Ji-won (jwc@heraldcorp.com)