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Philippines digital bank Tonik has raised $21 million in a Series A funding round featuring blue-chip VC investors Sequoia India and Point72 Ventures.
The funding round, Tonik’s second since its 2018 founding, also saw participation from previous VC investors Insignia and Credence.
The neobank says that it will use its new funds to further support its upcoming launch, planning for Q3 2020.
Tonik will be the first digital bank to launch in the country, after it was given a green light by the Central Bank of the Philippines in January.
Later that same month it announced the selection of Finastra as its technology provider. The vendor is supplying its Fusion Essence system.
“We are preparing to bring a highly differentiated experience to the Filipino consumer to address these needs and are honoured to be supported in this by the regulators who have encouraged innovation and welcomed technology solutions to bolster financial inclusion,” says Greg Krasnov, founder and CEO of Tonik.
Krasnov is the founder of Ukraine’s Platinum Bank and set up Forum, a fintech venture builder based in Southeast Asia.
Chuchi Fonacier, deputy governor in charge of financial supervision at the Central Bank of the Philippines, said at the time of granting Tonik its licence: “We have consciously worked on ensuring that we maintain an enabling regulatory environment for responsible new financial system players.
“We have always welcomed players who offer reliable and inclusive financial services through innovative solutions.”
According to Tonik, the Philippines is a $140 billion retail deposit market and $100 billion unsecured lending opportunity. The median age of the country is 25.7 years, while it has one of the highest levels of internet usage in the world, with 62 million people regularly logging online.
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