Neobank Tonik raises USD17 Million in Pre-Series B funding
Tonik, the first neobank in the Philippines, has announced that it has raised USD17 million in Pre-Series B funding.
The round comes on the heels of Tonik's successful public launch in March 2021, which saw it secure over 1 billion pesos (USD20 million) in retail deposits in under 1 month - a historical record for any new bank launching in the Philippines, the bank said in a press release.
Led by Singapore's iGlobe Partners, the round featured participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners as well as bringing in new investors Citius, Baring Vostok Capital Partners, and multiple Philippine family offices. The new funding solidifies Tonik's position as one of the best funded fintechs in the Philippines, with USD44 million raised to-date.
Greg Krasnov, Founder and CEO, Tonik, said: “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. 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.”
Soo Boon Koh, Founder and Managing Partner, iGlobe Partners, said: “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. 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 is on a mission to revolutionise the way money works with a new all-digital way of banking operating on a highly secure digital banking platform, says the firm. The neobank offers accessible, flexible, and inclusive financial services, including industry-leading deposit interest rates of up to 6% per annum, and unique saving features such as its Solo Stash and Group Stash products, as well as Term Deposits.
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