Philippines neobank Tonik announced this week it has raised $17 million in Pre-Series B funding. The news follows less than one year after Tonik’s March 2021 public launch that saw it secure more than $20 million in retail deposits in under one month – a historical record for any new bank launching in the Philippines, the platform claims.
Led by Singapore’s iGlobe Partners, the round featured participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners as well as new investors Citius, Baring Vostok Private Equity, and multiple Philippine family offices. The new funding leaves the company with $44 million 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 founder and CEO. “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.”
“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,” Soo Boon Koh, the founder and managing partner at iGlobe Partners, said. “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 offers an all-digital way of banking operating on a secure platform. The neobank offers deposit interest rates of up to six per cent per annum, and unique saving features such as its Solo Stash and Group Stash products, as well as term deposits.
They are supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Tonik’s cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.