The Philippines-based fintech startup Tonik Financial has raised US$21 million in a Series A funding round, led by Sequoia India and US-based Point72 Ventures.
Existing investors Insignia Ventures Partners and Credence also participated,
According to a TechCrunch report, the funds will fuel its plans to launch a digital bank aimed at the Southeast Asian market by September this year.
In May this year, the firm had obtained a licence to operate the digital bank in the Philippines.
Tonik was developed by fintech venture builder Forum, which was founded by Greg Krasnov, who now serves as Chief Executive of Tonik. Krasnov’s experiences included the incubation of four financial services startups in Asia.
Tonik provides retail financial products, including deposits, loans, current accounts, payments, and cards on a highly secure digital banking platform.
Krasnov noted that since the start of the year, there has been an increase in demands for digital banking and transfers for over 70 per cent of its unbanked population.
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Photo by Bryan Agua on Unsplash
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