Singapore-headquartered Tonik, a neobank operating in the Philippines, has raised US$131 million in a series B round led by Mizuho Bank, with participation from returning investors such as Sequoia India and Point72 Ventures.
Tonik founder and CEO Greg Krasnov / Photo credit: Tonik
Tonik is one of the six digital bank license grantees in the Philippines that aim to address the country’s high unbanked rate among adults, which stood at 47% in mid-2021. It says that it has breached US$100 million worth of consumer deposits in its eighth month of operations.
The neobank is also aiming to provide services to the country’s retail savings market, which it estimates to be worth US$140 billion.
Tonik was founded by CEO Greg Krasnov in 2018 and launched in the Philippines in 2021. The company will use the fresh funds to grow its digital bank locally as it looks to roll out lending services.
In the Philippines, long transaction lines and multiple visits are some of the pain points for banking transactions. On the other hand, challenges in internet connectivity and incompatibility of old smartphones with newer apps hinder the adoption of digital banking services.
See also: Banking on a digital remedy in the Philippines
Other investors in this round include:
- DST Partners co-founder Rahul Mehta
- Prosus Ventures
- Sixteenth Street Capital
- Nuri Group
- Insignia
- iGlobe Partners
- Alpha JWC
- Citius
- Blauwpark Partners
- Kraft
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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