Internet-only bank Toss Bank said Tuesday that it will sell stocks to raise 100 billion won ($77.2 million) to fund business expansion.

In a regulatory filing, the company said it will issue a total of 15 million common shares and 5 million convertible stocks at a price of 5,000 won per share.

With the stock offerings, Toss Bank's total paid-in capital will amount to 950 billion won.

Since its launch, Toss Bank has sold stocks worth 600 billion won to beef up its capital base.

Launched in 2020, Toss Bank is one of the three internet-only banks operating in South Korea, along with Kakao Bank and K-Bank. (Yonhap)