Country’s first neobank continues to trailblaze with numerous feats and new product announcements in its first anniversary.
Manila, Philippines — Tonik, the Philippines’ first digital-only neobank, marks its first year of
operations in the country today.The neobank was able to provide Filipinos with a game-changing means to handle their finances through its revolutionary app, thanks to its industry-leading deposit rates of up to 6% per annum (p.a.) and unique product offers.
Since its public launch, Tonik has been steadily growing.
In barely over a month of operations, it acquired over PHP 1 billion (USD $20 million) in retail deposits, making it the country’s first and one of the few neobanks to receive its own license from the Bangko Sentral ng Pilipinas (BSP). After eight months, the neobank had amassed over PHP 5 billion (USD 100 million) in deposits, a Philippine first for any new bank.
“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.
Tonik has created waves in the banking industry over the last year with game-changing deposit, payment, and card products like Time Deposits with rates up to 6% p.a., Stashes, nameless and highly secure physical debit cards, and Quick Loan, its first cash loan product.
As the #neobanking legend enters its second year, it assures consumers of further disruptive breakthroughs, backed by its new Series B fundraising of USD 131 million lead by Mizuho Bank, one of Asia’s major banking groups — the largest Series B round ever in the Philippines.
Tonik plans to grow its lending portfolio in the next 12 months by branching out into buy now, pay later and house loans for up to PHP 2.5 million (USD 50,000). Furthermore, the neobank announces that bitcoin would be integrated into their proprietary software soon, giving Filipinos more ways to save with digital assets.
“Armed with our unwavering dedication to accelerate financial inclusion in the country, Toni 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.”
The Bangko Sentral ng Pilipinas (BSP) regulates Tonik, and deposits are protected by the Philippine Deposit Insurance Corporation (PDIC). Mastercard, Amazon Web Services, and Finastra are among the worldwide financial technology heavyweights behind its innovative cloud-based solution.
Learn more via https://tonikbank.com/.
