Tuesday, August 16, 2022

Tonik Raises US$17M In Pre-Series B Funding

Tonik Raises US$17M In Pre-Series B Funding


How do you feel about this story?


Tonik, the first neobank in the Philippines, announced today that it raised US$17M in Pre-Series B funding. The round comes on the heels of Tonik’s highly successful public launch in March 2021, which saw it secure over 1 billion pesos (US$20M) in retail deposits in under 1 month – a historical record for any new bank launching in the Philippines.

Led by Singapore’s iGlobe Partners, the round featured participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners as well as bringing in new investors Citius, Baring Vostok Capital Partners, and multiple Philippine family offices. The new funding solidifies Tonik’s position as one of the best funded fintechs in the Philippines, with US$44M raised to-date.

“The customer response to our launch last month was overwhelmingly positive. We are delighted that so many Filipinos are taking advantage of our unique service and attractive deposit rates, to enable them to dream big and save bigger,” shares Greg Krasnov, Tonik CEO and Founder. “The new funding will help us accelerate our growth, as well as invest aggressively in product development. In the course of the next 12 months, we plan to significantly broaden our stack of first-in-the-market digital financial products for our clients, especially strengthening our offer on payments and rolling out consumer loans.”

Soo Boon Koh, the Founder and Managing Partner at iGlobe Partners, said: ” We are delighted to support Tonik’s veteran management team in their vision of bringing world-class digital financial services to the consumers in the Philippines. We were impressed with Tonik’s launch results and ready adoption by consumers. Clearly their proposition resonates well with the needs of this huge and underserved market. We look forward to working with the Tonik team to help them build the first licensed neobank in the Philippines.”

Tonik is on a mission to revolutionize the way money works with a new all-digital way of banking operating on a highly secure digital banking platform. The neobank offers accessible, flexible, and inclusive financial services, including industry-leading deposit interest rates of up to 6% per annum, and unique saving features such as its Solo Stash and Group Stash products, as well as Term Deposits.

Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.

Learn more about this story and other updates from Tonik via http://tonikbank.com.

Latest News


The Talk

More Stories

Every Man Who Has Loved “Emily In Paris”

Before the newest season of Emily in Paris airs, let's look back at the gorgeous men that she almost dated.

Shopee And The Department Of Trade And Industry Partners For The 3rd ASEAN Online Sale

For the 55th Anniversary of the ASEAN, Shopee decided to showcase different local and regional products on their app.

Legarda Bats For The Promotion Of PH Handloom Weaving Industry

Senator Loren Legarda eyes the promotion of the country's weaving industry as she filed a senate bill to empower weavers and develop the local textile industry.

‘Batil-Patong’ Gets Hype In Tuguegarao’s Pancit Festival

The local dish of noodles topped with poached eggs, sautéd meat, and vegetables was popularized in Tuguegarao and is now also known in other parts of the country.

Community Spirit On Full Display In ‘Brigada Eskwela’

The Department of Education, as they launch the Brigada Eskwela, underscores the importance of cooperation between the academe and the community.