Tonik raises $12m pre-series C

Tonik has secured US$12 million in a pre-series C funding round led by Diligent Capital Partners, with participation from Plio Limited, Altara Capital, and Tonik management.

The digital-only bank licensed in the Philippines said the funding will help meet regulatory capital requirements and support technology investment.

It reported a loan portfolio of US$83 million and annualized revenue of over US$40 million, and reached a positive contribution margin in late 2024.

Tonik projects cash-flow breakeven by the first half of 2026.

Diligent Capital Partners, which focuses on Ukraine and the Black Sea region, cited confidence in Tonik’s management and business model.

Tonik operates with a cloud-based platform and partners with employers and retailers to offer consumer loans and deposits in the Philippines.

🔗 Source: Tonik

🧠 Food for thought

Implications, context, and why it matters.

Tonik raised $12 million for regulatory capital plus tech, but hitting cash-flow breakeven by H1 2026 depends on better asset quality (how well its loans are being repaid) after the gross non-performing loan ratio jumped to 7.24% in Q1 2024 from 3.95% a quarter earlier 1.
For Philippine digital banks the NPL ratio reached 14.1% in July 2024 from 5.9% in December 2022 2. It eased to 7% by end-July 2025, yet higher credit costs from provisioning (reserves) and write-offs (loans recognized as losses) could pressure Tonik’s $83 million loan book 3.
The $12 million looks small as combined losses at digital banks hit Philippine pesos 4.1 billion (~$72.58 million) in Q2 2024 from PHP 1.3 billion a year earlier 4. Tonik’s buffer could be tested if credit quality weakens before profitability.

Vendors with credit risk analytics, collections infrastructure, and alternative data solutions (using non-traditional signals to assess borrowers) see demand as many still build risk management 3.
BSP-licensed players include Maya Bank, Overseas Filipino Bank, and GoTyme Bank. Others are UNO Digital Bank, UnionDigital Bank, and Tonik Digital Bank. The BSP says only two are profitable 1. It may allow up to four new licenses in 2025 4. Vendors can time outreach and support underwriting (evaluating borrowers’ ability to repay) from day one.
Banks focused on excluded customers face gaps. BSP’s 2019 report put the unbanked at about 70% 5. Debt collection infrastructure remains thin 3 in a country of many islands, which lifts distribution costs 4. That drives demand for tools that improve underwriting standards and serve thin credit files (limited credit histories).