Neobank Tonik Hints at Upcoming Lending and Crypto Products – Back End News
Neobank Tonik, which is one of the first six digital banks to be licensed by Bangko Sentral ng Pilipinas, is now planning to offer cryptocurrency to expand its digital wallet with Buy Now, Pay Later and home loans of up to 2.5 million pesos. ($50,000)
“The Philippines is one of the largest demand markets for crypto and lending services in the world, and we are focused on making them available in our app soon,” said Gred Krasnov, Founder and CEO of Tonik.
Tonik revealed that cryptocurrency will soon be integrated into its proprietary app to provide more opportunities for Filipinos to save using digital assets.
Tonik Secures $131M Series B Investment Led by Mizuho Bank
Neobank Tonik Obtains Digital Banking License from Bangko Sentral ng Pilipinas
Tonik has been operating in the Philippines for a year now. So far, it has secured more than 1 billion pesos ($20 million) in retail deposits in just over a month of operations. Eight months later, it has recorded more than 5 billion pesos ($100 million) in deposits.
The neobank offers a deposit rate of 6% per year and its transactions are mainly carried out within its application.
“2021 has been a challenge for all of us, and we’ve seen how the health crisis has increased the demand for digital and cashless banking,” Krasnov said. “We are happy to have been able to provide effective neo-banking services to Filipinos as we all went through the pandemic.”
In just 12 months, Tonik has introduced game-changing deposit, payment and card products and services, including term deposit rates of up to 6% per annum, anonymous and secure physical debit cards and a product cash loan, Quick Loan.
After raising $131 million in funding under its Series B led by Mizuho Bank, Tonik said it will launch innovations that will benefit more Filipinos in using a digital-only bank.
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 fintech leaders such as Mastercard, Amazon Web Services and Finastra.