- Hagen brings a wealth of experience from financial investment industries from previous roles as CEO of PayPal Invest and co-founder/president of Ally Invest
- Hagen to take lead for achieving regulatory approval for TSA Financial LLC's Broker-Dealer operations
SEOUL, South Korea, Nov. 12, 2024 /PRNewswire/ -- Toss Securities, a fintech securities firm with the largest data-driven investment platform in South Korea, has announced the appointment of Richard J. Hagen, Jr (Rich) as Chief Executive Officer (CEO) of its US subsidiary, TSA Financial LLC. With this appointment, TSA Financial LLC will begin regulatory processes to be registered as a Broker-Dealer in the US market starting this year.
Toss Securities Appoints Richard J. Hagen as CEO of US Subsidiary TSA Financial LLC
Earlier in August, Toss Securities had established two US subsidiaries, Toss Securities Americas Inc. and TSA Financial LLC. TSA Financial LLC will be responsible for the company's US Broker-Dealer business operations. Upon receiving regulatory approval and being registered as a Broker-Dealer, TSA Financial LLC will play a pivotal role in strengthening Toss Securities' US securities brokerage business and diversifying revenue streams.
Hagen is a seasoned professional in the financial investment sector, bringing over 30 years of leadership experience in digital financial services to his new role at TSA Financial LLC. Most recently, he served as the CEO of PayPal Invest, where he explored opportunities in the consumer investment sector. Additionally, he co-founded and led Ally Invest (formerly TradeKing, Inc.), focusing on digital investing and investment advisory services.
"We are thrilled to welcome Richard to the Toss Securities team. The formation of TSA Financial LLC represents a pivotal step in expanding Toss Securities' reach into global capital markets. Richard's expertise in online brokerage, combined with his passion for innovation, makes him the perfect fit to lead the team into this exciting new chapter," said Kyungsoo(Peter) Kim, CEO of Toss Securities Americas Inc.
"Toss Securities has been a leader in retail investing innovation in Korea," said Hagen. "Expanding globally is a natural progression in Toss Securities' strategic growth plans, and I look forward to collaborating with our talented team to broaden our reach and deliver even greater value to our clients."
Profile
* Experience
- Paypal Invest, CEO (2021-2023)
- Ally Invest, Co-founder & CEO (2005-2019)
- H&R Block Financial Advisors, Head of Online Brokerage (2004-2005)
- FOLIOfn, Vice President of Retail Brokerage (2001-2002)
- SURETRADE, Co-founder & CEO (1997-2001)
* Education
- Long Island University Southampton / Bachelor of Science - Business and Marketing
About Toss Securities
Toss Securities, a subsidiary company of Viva Republica, which operates the financial super app Toss, launched its customer service in March 2021. As a newly licensed securities company after 13 years, it provides user-centered services with UX/UI optimized for the mobile environment. In particular, it is the first in the industry to introduce an integrated account service that allows customers to conveniently trade multiple financial instruments from one account without installing a separate app, and as of October 2024, more than 6.3 million customers have used Toss Securities. Monthly Active Users (MAU) reach over 3.3 million to date. In addition to real-time overseas fractional stock trading, the company offers a variety of services such as community and customized content and is evolving into a data-driven investment platform.