Neobank Tonik Bags US$17 Million in Pre-Series B Funding Round Backed by Sequoia
Philippines neobank Tonik announced that it has raised US$17 million in a Pre-Series B funding round.
The round comes on the heels of Tonik’s public launch in March 2021, which saw it secure over US$20 million (1 billion pesos) in retail deposits in under 1 month.
Led by Singapore’s iGlobe Partners, the round featured participation from existing shareholders Sequoia India, Altara Ventures, and Insignia Venture Partners as well as bringing in new investors Citius, Baring Vostok Capital Partners, and multiple Philippines family offices.
Tonik said that the new funding will be used to invest aggressively in product development.
The neobank added that in the course of the next 12 months, it plans to significantly broaden its stack of digital financial products for its clients, especially strengthening its offer on payments and rolling out consumer loans.
The new investment brings Tonik’s total funding raised to US$44 million so far.
Tonik is supervised by the Bangko Sentral ng Pilipinas (BSP) and deposits are insured by the Philippine Deposit Insurance Corporation (PDIC). Its cloud-based solution is powered by Mastercard, Amazon Web Services, and Finastra.
“The customer response to our launch last month was overwhelmingly positive.
We are delighted that so many Filipinos are taking advantage of our unique service and attractive deposit rates, to enable them to dream big and save bigger,”
shares Greg Krasnov, Tonik’s CEO and Founder.