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Aditya Hadi Pratama · · 1 min readNeobank Tonik secures $17m to scale its growth
Tonik, the first digital-only neobank in the Philippines, announced it has raised US$17 million in its latest round.
More funding details
- Lead investor: iGlobe Partners
- Existing investor: Sequoia India, Altara Ventures, and Insignia Ventures Partners
- Other investors: Citius, Baring Vostok Capital Partners, and multiple Philippine family offices
- Stage: Pre-series B
More company updates
- The round pushes Tonik’s total amount raised from investors to date to US$44 million.
- The company will use the fresh funds to accelerate its growth and invest in product development.
- Since its launch in March this year, the company said it’s been able to secure over 1 billion pesos (around US$21 million) in retail deposits in under a month.
- Tonik is supervised by the Central Bank of the Philippines, and deposits under the neobank are insured by the Philippine Deposit Insurance Corporation. Meanwhile, partners such as Mastercard, Amazon Web Services, and Finastra power the startup’s financial solutions.
For more coverage of the company, head here. You can also click on the link below to view key details about the company as well as its funding history.
Editing by Miguel Cordon and Jaclyn Tiu
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