Philippine Digital-Only Neobank Tonik Raises US$131M in Series B Funding Round | AsiaTechDaily
Tonik Financial Pte Ltd, the parent company of Tonik Digital Bank in the Philippines, raised US$131 million in its Series B funding round led by Mizuho Bank, which is one of Japan’s largest banking groups.
The funding round was also joined by new investors including Sixteenth Street Capital, Prosus Ventures and Indonesian family office Nuri Group, as well as returning investors such as Point72 Ventures and Sequoia India.
Tonik will use the new funding to accelerate the growth of Digital Bank in the Philippines.
Greg Krasnov, Founder and CEO of Tonik, said, “We are very pleased to partner with Mizuho, one of the top 10 banking groups in the Asia-Pacific region. The partnership with Mizuho will provide Tonik with greater access to international wholesale funding markets and world-class management talent, while serving as a fantastic platform for our future international expansion. All of this will help solidify our market-leading position in driving financial inclusion in Southeast Asia.
“Tonik’s unique track record so far confirms that there is massive demand for digital banking services in the Philippines, where over 70% of the population is still unbanked. As an early mover and market leader, Tonik is well positioned to become one of the largest banks in the Philippines, as well as to enter other Southeast Asian markets,” said Daisuke Horiuchi, Managing Director of Mizuho’s Retail Business Company.
Tonik was founded in 2018 by Greg Krasnov, who previously co-founded several other successful FinTech companies in Asia.
Tonik is headquartered in Singapore and operates under the first private digital banking license granted by the banking regulator in the Philippines.
The digital bank hit a milestone of $20 million in consumer deposits in the first month and $100 million in the eighth month of operations, earning status as one of the growth neobanks fastest in the world. It is now focused on rolling out a wide range of innovative all-digital consumer lending products focused on financial inclusion customers, as well as expanding the value proposition of its Tonik account offering.
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