Tonik, a neobanking group based in the Philippines, announced on Tuesday it secured $17 million through its Pre-Series B investment round, which was led by iGlobal Partners with participation from Sequoia India, Altara Ventures, and Insignia Venture Partners, Citius, Baring Vostok Private Equity, and multiple Philippine family offices. The company has notably raised more than $44 million to date.
Founded in 2018, Tonik claims to be the first neobank in the Philippines. It provides retail financial products, which include deposits, loans, current accounts, payments, and cards.
“Innovation is woven into the DNA of our company. We put customers first. We challenge the status quo. We are relentless. We are passionate about improving people’s financial lives through the use of technology.”
The investment round announcement comes just days after Tonik reported it has seen more than $20 million in depots in less than a month after launching its platform. The company also recently announced its partnership with PESONet in order to support safe and secure digital fund transfers to its account from other banking service providers. Speaking about the investment round, Greg Krasnov, Tonik CEO and Founder, stated:
“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.”
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its cloud-based solution is powered by Mastercard, Amazon Web Services, and Finastra.
