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. With its industry-leading deposit rates of up to 6% per annum (p.a.) and unique product offerings, the neobank was able to provide Filipinos a game-changing way to manage their finance through its revolutionary app.
Since its public launch, Tonik has been steadily growing. Bannering as the first in the country and one of the very few neobanks to secure its own license from the Bangko Sentral ng Pilipinas (BSP), it secured over PHP 1B (USD 20M) in retail deposits in just over a month of operations. Eight months later, the neobank then secured over PHP 5B (USD 100M) in deposits — a historic record for any new bank 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.
Over the past year, Tonik has made waves in the banking industry through its game-changing deposit, payment, and card products such as Time Deposit rates of up to 6% p.a., Stashes, nameless and highly secure physical debit cards, and its first cash loan product, Quick Loan. As the legend in #neobanking enters its second year, it assures customers of more transformative innovations backed up by their latest Series B funding of USD 131M led by Mizuho Bank, one of the largest banking groups in the Asia Pacific Region — the largest Series B round ever in the Philippines.
In the next 12 months, Tonik is eyeing to expand its lending portfolio through venturing into buy now, pay later and home loans for up to PHP 2.5M (USD 50,000). Further, the neobank reveals that cryptocurrency will soon be integrated in their proprietary app to provide more opportunities for Filipinos to save using digital assets.
“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.
Tonik is the first digital-only neobank in the Philippines, providing loan, deposit, payment, and card products to consumers on a highly secure digital banking platform. The neobank operates on the basis of the first private digital bank license issued by the Bangko Sentral ng Pilipinas. Tonik is led by a team of retail finance veterans who have previously built and scaled multiple retail banks and fintechs across the global emerging markets. It is backed by top international venture capital funds. Tonik operates out of hubs in Singapore (HQ), Manila, Chennai, and Kyiv.
This article was shared with Prittle Prattle News as a Press Release by PRNewswire
