Tonik, the first digital-only neobank in the Philippines, has celebrated its first anniversary since arriving last year. Within their first year of operations, the bank has secured more than PhP 1 billion in retail deposits then secured PhP 5 billion more.
The neobank has also made strides for their customers by offering Time Deposit rates of up to 6% per annum, stashes, nameless and secure physical debit cards, and Quick Loan. They are promising to expand their portfolio in the next 12 months by venturing into buy now, pay later and home loans for up to PhP 2.5 million. They are also looking into integrating cryptocurrency on their proprietary app.
The bank is assuring its customers of more innovations thanks to the baking of their Series B funding of USD 131 million led by Mizuho Bank, one of the largest banking groups in APAC. This is one of the largest Series B round in the Philippines.
“2021 has been a challenge for all of us, and we saw how the health crisis increased the demand for digital banking and cashless services. We are happy to have been able to provide efficient neobanking services to Filipinos as we all navigated through the pandemic. Your trust and support helped us achieve our feats along the way and how we got to where we are now,” says Tonik Founder and CEO Greg Krasnov.
“Armed with our unwavering dedication to accelerate financial inclusion in the country, Tonik assures that more accessible, simplified and customer-centric banking products will be available to more Filipinos in many more years to come,” adds Krasnov. “The Philippines is one of the biggest markets in demand of crypto and lending services in the world, and we are laser focused on making these available soon in our app.”
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its unique cloud-based solution is powered by global financial technology leaders such as Mastercard, Amazon Web Services, and Finastra.
You can open your own Tonik account by downloading the official app available on the iOS App Store and Google Play Store.
