Tonik Digital Bank, the Philippines’ first digital-only neobank, revamped the Big Loan, a multipurpose loan catering to a wider range of Filipinos’ financial needs.
First launched in 2023, the Big Loan reportedly “offers borrowers up to P5 million with flexible, tailored repayment options, competitive interest rates, and a streamlined application process that elevates customers’ lending experience.”
Tonik also provides personalized, end-to-end support “through a dedicated team of experts available to assist borrowers throughout the lending process.”
As the “first” digital bank in the country to offer a secured loan product, Tonik upgraded the Big Loan to accommodate demand “from entrepreneurs and self-employed individuals for flexible financing options to help in their business expansion, vehicle acquisition, investing in education, or building their dream home.”
Rowena Gotinga, a Tonik client, said:
“Availing Tonik’s Big Loan is very convenient…it’s also very fast. Upon approval of my loan, it helped me buy a parking lot which I’ll use to generate passive income. By providing Filipinos with accessible and flexible financing through the Big Loan, we are not just extending credit; we are unlocking opportunities. At Tonik, we focus our energies into ensuring that every Filipino is empowered with the necessary tools and resources they need to thrive to turn their dreams to reality,” said Greg Krasnov, Founder and CEO of Tonik Digital Bank.
The digital lending market in the Philippines is seen “to grow by 45.4 percent to reach $488.8 million in 2023 and is expected to ring up to $1.68 billion by 2027—led by digital banking service providers such as neobanks and fintech firms.”
As covered, Tonik claims that it is “the first digital-only neobank in the Philippines, providing loan, deposit, and payment products to consumers on a highly secure digital banking platform. ”
The neobank operates based on the first digital bank license “issued by the Bangko Sentral ng Pilipinas (BSP). ”
Tonik is led by a team of retail finance veterans who “have previously built and scaled multiple retail banks and fintechs across global emerging markets.”
It is backed by international investors, “including Sequoia India, Point72 Ventures, and Mizuho Bank. Tonik’s tech stack is integrated in partnership with world-class banktech vendors including Mastercard, Finastra, Amazon Web Services, Google, Genesys, and Daon. Tonik operates out of hubs in Singapore (HQ), Manila, and Chennai.”