Funding to be used for acceleration of customer acquisition as well as roll out of additional lending and payment products.
MANILA, Philippines, May 11, 2021 /PRNewswire/ -- 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.
Tonik is the first digital-only neobank in the Philippines, providing deposit, payment, and card products to consumers on a highly secure digital banking platform. The neobank operates on the basis of its own bank license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across the global emerging markets. It is backed by top international venture capital funds, including Sequoia India and Point72. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.