Tonik Financial Pte Ltd, the parent company of Tonik Digital Bank in the Philippines has raised US$131 million in its Series B funding round led by Mizuho Bank, which is one of the largest Japanese banking groups.
The funding round was also joined by new investors including Sixteenth Street Capital, Prosus Ventures, and Indonesian family office Nuri Group along with returning investors such as Point72 Ventures and Sequoia India.
Tonik will be using the fresh funding to accelerate the growth of Digital Bank in the Philippines.
Greg Krasnov, Founder & CEO of Tonik, said: “We are very excited to partner with Mizuho, one of the Top 10 banking groups in the Asia-Pacific region. 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. All of this will help solidify our market leadership position in driving financial inclusion in Southeast Asia.”
“Tonik’s unique track record so far validates the existence of massive demand for digital banking services in the Philippines, where over 70 per cent of the population remains unbanked. As the first mover and market leader, Tonik is well-positioned to grow into one of the largest banks in the Philippines, as well as enter other South-east Asian markets,” said Daisuke Horiuchi, managing executive officer of Mizuho’s Retail Business Company.
Tonik was founded in 2018 by Greg Krasnov who had previously co-founded multiple other successful FinTech companies in Asia.
Tonik is headquartered in Singapore and operates on the basis of the first private digital bank license granted by the banking regulator in the Philippines.
The digital bank has achieved a milestone of US$20 million of consumer deposits in the first month and US$100 million in the eighth month of operations, thus achieving the status of one of the fastest-growing neobanks globally. It is now focused on rolling out a broad range of innovative all-digital consumer lending products focused on the financial inclusion clients, as well as expanding the value proposition of its Tonik Account offering.