Philippines’ first digital-only neobank Tonik nets $131m

Philippines-based digital-only neobank Tonik Digital Bank has closed its Series B funding round on $131m.

Mizuho Bank, one of the largest banking groups in Japan and the Asia Pacific, served as the lead investor. Other contributions came from Prosus Ventures, DST Partners co-founder Rahul Mehta, Sixteenth Street Capital and the Indonesian family office Nuri Group.

Existing Tonik backers Sequoia India, Point72 Ventures, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark and Kraft, also joined the round.

With this Series B, the company plans to accelerate the growth of its platform in the Philippines.

Since its launch in March 2021, it claims to have broken bank growth records in the Philippines by reaching $20m and $100m of consumer deposits within the first and eighth months, respectively.

Tonik claims to be the first digital-only neobank in the Philippines. It offers loan, deposit, payment and card products to consumers in the country.

It is now looking to release all-digital consumer lending products aimed at financial inclusion clients.

Tonik founder and CEO of Greg Krasnov said, “We are very excited to partner with Mizuho, one of the top ten 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 previously raised $21m in its Series A round back in 2020.

Earlier this week, fellow Philippines-based FinTech company Peddlr closed a $4.1m seed funding round. The company is a mobile POS system that helps businesses with inventory management and bookkeeping.

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