Inside Toss: How culture has built world's fastest-growing fintech

Toss headquarters in Seoul / Courtesy of Toss

A message popped up at 12:04 a.m. on May 8, 2020. Wang Sang-ho, a team member at Toss, shared news about how the public certificate system was causing issues with the government's COVID-19 emergency relief fund inquiry service.

"How about we give it a try?" the members said.

By 2:30 p.m., they had formed a task force team. Only three days remained until the official fund application period began, and it was Friday. Over the weekend, they completed service development, updates and the customer service manual, and the service launched successfully. The CEO wasn’t briefed on the process.

Startups can succeed for many reasons, but company culture is often overlooked as a key factor. Toss understands its importance, according to Jeong Hee-yeun, its chief human resources officer.

Toss launched in 2015 and quickly revolutionized mobile finance in Korea. It boasts 28 million users as of May, making it the top-ranked service in the finance sector. Now, with expansions into banking, securities, insurance and payment, Toss has grown into a small financial empire.

New Toss employees attend an onboarding session at the company headquarters in Seoul, July 7. Courtesy of Toss

Many say the driving force behind it is the employees.

They are every employer's dream. They voluntarily seek out problems and tackle them with remarkable intensity. Toss has even earned the nickname "the lighthouse of Yeoksam" (the location of its headquarters) because its office lights are never off.

Lee Seung-gun, founder and CEO of Viva Republica, which operates Toss, said working at Toss isn't for everyone.

"If you’re looking for challenge, deep focus and meaningful achievement, if you want to take full ownership, solve problems independently, make decisions and bring your own solutions to life, then Toss might be exactly the place for you," Lee said on the company’s YouTube channel.

Toss was the ninth startup idea pursued by Lee, a former dentist. Based on lessons from his earlier ventures, Lee believes high-performing individuals don’t need to be micromanaged. The company name, Viva Republica, reflects this philosophy.

This is especially notable in Korea, where hierarchy is deeply rooted in both daily life and workplace culture.

Toss talent development managers, Choi Hyun-ha, left, and Choi You-jung speak to The Korea Times at the company's headquarters in Seoul, July 3. Courtesy of Toss

To achieve its cultural goals, Toss relies on core principles. It hires top-tier talent, gives them maximum trust and autonomy, ensures equal access to information, and provides the resources they need to do their best work. Feedback is given boldly and honestly. It's up to them to make decisions and take responsibility.

In one case, an employee requested a luxurious Herman Miller office chair, a brand priced between 1 and 2 million won ($724-1448). The request was approved, and more members began submitting their own. The company’s stance was clear. "We trust our people to make thoughtful, responsible choices, so we respect those decisions."

It's easy to adopt policies. However, getting people to believe in the direction a company is heading is difficult. Toss, however, seems to have successfully instilled its core values — that they are changing the financial landscape.

"Staying up late doing tasks because someone told you to is not really enjoyable. But when you're driven by curiosity or the desire to take things further, you start creating work for yourself without even realizing it," said Choi Hyun-ha, talent development manager.

Lee Seung-gun, founder and CEO of Viva Republica, speaks at the company's first global recruiting networking event in California, for engineers currently working in Silicon Valley, June 8. Courtesy of Toss

Still, no strength comes without a trade-off. On JobPlanet, a platform where current and former employees rate companies, burnout and a lack of structured processes were frequently cited as reasons for quitting.

"There is a consistent expectation for work to move quickly, driven by the belief that speed equals competitiveness. But constantly pushing to maintain that speed can lead to burnout, making it difficult to stay long-term," a former employee wrote on the platform.

By the end of 2024, the number of employees at Toss reached 1,126. Including subsidiaries, the company's total headcount is now in the 3,000s.

The key challenge now is how to preserve its culture while adapting it appropriately, as the company continues to scale and pursue global expansion, including a potential initial public offering in the U.S.

Another talent development manager, Choi You-jung, said that Toss won't compromise its way of working just because the organization is growing. "We want to prove that a company built on this way of working can succeed. That's something many of us here strongly believe in, and we want the market to see it too."