Tonik celebrates first year in the Philippines, hints at upcoming lending and crypto products
Tonik, the Philippines’ first digital-only neobank, marks its first year of operations in the country last March 22, 2022. The neobank offers the highest deposit rates of up to 6% per annum (p.a.) and unique product offerings, providing Filipinos a game-changing way to manage their finances through its app.
It is the first neobank in the country and one of the very few neobanks to secure its own license from the Bangko Sentral ng Pilipinas (BSP). Since its public launch, Tonik has been steadily growing. It secured over Php1B (USD20M) in retail deposits in just over a month of operations. Eight months later, Tonik has over Php5B (USD100M) in deposits, a historic record for any new bank in the Philippines. It is also backed up by their latest Series B funding of USD131M led by Mizuho Bank, the largest Series B round ever 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.
Aside from its generous deposit rates, Tonik has introduced innovative products such as Stashes, which allows customers to save for future goals; nameless and highly secure physical debit cards; and its first cash loan product called Quick Loan. As it enters its second year, Tonik assures customers of more transformative innovations.
It is planning expand its lending portfolio by venturing into buy now, pay later plans and home loans for up to Php2.5M (USD50,000). Further, the neobank reveals that cryptocurrency will soon be integrated into their proprietary app to provide more opportunities for Filipinos to save using digital assets.
“Armed with our unwavering dedication to accelerating 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 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.
Learn more via //tonikbank.com/.
