Toss Moves to Acquire Japan's Cheer Securities; Board Approval Likely on Oct. 30

Tokai Tokyo Board to Vote on Acquisition Plan on Oct. 30
Toss Targets Young Investors in Japan

Viva Republica, the operator of Toss, is acquiring Japanese online brokerage CHEER Securities.

Lee Seung-gun, CEO of Viva Republica. Viva Republica

According to Nikkei Asia on October 30, Viva Republica is expected to acquire all shares of CHEER Securities, a smartphone-based brokerage subsidiary of Japan's Tokai Tokyo Financial Holdings. Tokai Tokyo is reportedly planning to announce the acquisition after its board approves the relevant proposal later that day. Viva Republica is said to have pursued the acquisition of a local brokerage after taking note of rising investment demand among young people in Japan.

The move is also believed to reflect potential synergies between the two companies. CHEER Securities was established by Tokai Tokyo in November 2019 and has mainly provided services that let users trade stocks and investment trusts in small amounts via smartphones. Viva Republica has more than a decade of experience operating Toss, one of South Korea's leading financial super-apps. Its subsidiary Toss Securities also posted a net profit of 236.8 billion won in the first half of this year, its highest-ever half-year profit. Viva Republica appears to have concluded that acquiring CHEER Securities, whose business is centered on mobile services, could generate synergies in the Japanese market.

A Viva Republica representative said, "There is nothing specific we can share," adding, "We are currently checking the details."

This content was produced with the assistance of AI translation services.