Tonik Founder and CEO Greg Krasnov
Tonik Financial, the parent company of Tonik Digital Bank in the Philippines, has completed its US$131 million Series B equity funding round.
Mizuho Bank, one Japan’s largest banks with a presence in the Philippines, led this round. Prosus Ventures (formerly Naspers Ventures), DST Partners Co-Founder Rahul Mehta, Singaporean fund Sixteenth Street Capital, and Indonesian family office Nuri Group co-invested.
Existing backers Sequoia India, Point72 Ventures, Insignia Ventures Partners, iGlobe, Alpha JWC, Citius, Blauwpark Partners (Singapore), and The Kraft Group also participated.
Tonik will use the new capital to accelerate the growth of its digital bank in the Philippines.
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This deal comes less than a year after its US$17 million pre-Series B round, led by iGlobe Partners, in May 2021. A year earlier, it secured US$21 million in a Series A funding round, led by Sequoia India and Point72 Ventures.
Launched in March 2021 by Founder and CEO Greg Krasnov, Tonik is a digital-only neobank in the Philippines, providing loans, deposits, payments, and card products to consumers. It operates on a private digital bank license issued by the Philippine central bank Bangko Sentral ng Pilipinas.
Tonik operates out of hubs in Singapore (HQ), Manila, Chennai (India), and Kyiv (Ukraine).
The neobank claims to have reached US$20 million and US$100 million of consumer deposits within the first and eighth months of operation, respectively.
It is now focused on rolling out a broad range of innovative all-digital consumer lending products focused on the financial inclusion clients and expanding the value proposition of its Tonik Account offering.
In the company’s estimates, the Philippines represents a US$140 billion retail savings market and a US$100 billion unsecured consumer lending opportunity.
Krasnov said: “The partnership with Mizuho will provide Tonik with enhanced access to the international wholesale funding markets and world-class managerial talent, as well as serve as a fantastic platform for our future international expansion.”
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