Tonik Digital Bank Secures $131 Million in Funding

Fintech startup Tonik Financial, which also operates Tonik Digital Bank in the Philippines, has recently acquired new investors such as Prosus Ventures, Sixteenth Street Capital, and Indonesian family office Nuri Group during Series B funding led by Mizuho Bank where the company was able to raise $131 million.

During its first month, Tonik’s digital bank was able to reach a milestone of $20 million of customer deposits which further increased to $100 million after eight months of operation. As it continues to grow in the Philippines, the digital bank hopes to capitalize on the country’s $140 billion retail savings market and a $100 billion unsecured consumer lending market.

“Tonik’s unique track record so far validates the existence of massive demand for digital banking services in the Philippines, where over 70 percent 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 Southeast Asian markets,” said Mizuho Retail Business Company managing executive officer Daisuke Horiuchi.

Using the recently acquired funding, Tonik aims to accelerate the expansion of its digital bank in the Philippines. “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,” explained Tonik founder and chief executive Greg Krasnov.

Source: Business Times