Seoul: Viva Republica Inc., the South Korean company behind the Toss app, has reported a 120.2 percent increase in net income for the first half of the year, driven by the expansion of its super app services. The company's regulatory filing reveals that its net income on a consolidated basis reached 232.8 billion won (US$164.6 million) for the January to June period.

According to Yonhap News Agency, Viva Republica's operating profit saw a significant rise, standing at 246.1 billion won, marking a 59.2 percent increase. The company's sales also experienced a substantial boost, rising 53.2 percent on-year to total 1.89 trillion won.

The super app service, a key component of Viva Republica's business, generated 1.3 trillion won, which accounts for 70.3 percent of the company's total sales. This service encompasses a wide range of offerings, from money transfers and investments to loan and tax services. Additionally, the company's payment network service unit, which includes mobile payments, contributed 561.3 billion won to sales.

Viva Republica also reported that the number of subscribers to its pay-by-face service exceeded 7 million as of July. The company is reportedly planning to list on the U.S. stock market, although a specific timeline has not been disclosed.